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FedEx asking EU to allow $4.9 billion acquisition of TNT Express

Staff writer |
FedEx has asked the European Union's competition regulator to approve its 4.4-billion-euro ($4.9 billion) bid for Dutch TNT Express.

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The deal, which will combine FedEx's air fleet with TNT's European road network, will extend FedEx's reach in competition with United Parcel Service and Deutsche Post. FedEx submitted its request to the European Commission on Friday.

The EU competition authority's preliminary review takes 25 working days, which can be extended by another 10 working days if concessions are offered to head off regulatory worries.

FedEx will seek clearance from the Dutch financial market authority AFM before June 30, with the offer expected to close in the first half of 2016.

FedEx Corporation and TNT Express N.V. announced in April they have reached conditional agreement on recommended all-cash public offer of €8 per ordinary TNT Express share.

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