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TNT to sell airline if that's what it takes for EU to approve FedEx merger
TNT Express will sell its airline to ASL Aviation Group if that's what it takes to have the European Union approve the Dutch logistics company's sale to FedEx, the company said.
The company said it needed to sell TNT Airways and Pan Air Lineas Aereas to comply with EU airline ownership and control roles after FedEx's EUR4.4 billion (US$4.90 billion) acquisition of the company, Reuters reported.
Under EU rules, foreign investors cannot own more than 49 per cent of a European airline and control of the company must remain in EU hands.
Ireland-based ASL, a global cargo, passenger and leasing company, will continue to operate flights for TNT following its acquisition by FedEx under a multi-year service agreement. Its fleet will grow from 90 to 130 aircraft after the sale.
The company said it needed to sell TNT Airways and Pan Air Lineas Aereas to comply with EU airline ownership and control roles after FedEx's EUR4.4 billion (US$4.90 billion) acquisition of the company, Reuters reported.
Under EU rules, foreign investors cannot own more than 49 per cent of a European airline and control of the company must remain in EU hands.
Ireland-based ASL, a global cargo, passenger and leasing company, will continue to operate flights for TNT following its acquisition by FedEx under a multi-year service agreement. Its fleet will grow from 90 to 130 aircraft after the sale.
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