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TNT to exit Iran after FedEx takeover to comply with US law
DUTCH logistics major TNT, soon to merge into Memphis-based FedEx, plans to pull out of the Iranian market to comply with US law.
This, noted Lloyd's Loading List, highlights the disadvantage US firms face in this potentially significant economy. "We analysed the compliance requirements that would apply to TNT after completion of the FedEx offer, including the restrictions arising from US economic and trade sanctions," said a TNT spokesman.
"Although EU sanctions have been lifted, US sanctions remain at this time. This means that we will no longer be able to offer a delivery service to/from Iran after completion," he said.
"The FedEx offer to acquire TNT is anticipated to close in the first half of 2016.
This, noted Lloyd's Loading List, highlights the disadvantage US firms face in this potentially significant economy. "We analysed the compliance requirements that would apply to TNT after completion of the FedEx offer, including the restrictions arising from US economic and trade sanctions," said a TNT spokesman.
"Although EU sanctions have been lifted, US sanctions remain at this time. This means that we will no longer be able to offer a delivery service to/from Iran after completion," he said.
"The FedEx offer to acquire TNT is anticipated to close in the first half of 2016.
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