fedex close to wrapping up tnt buyout
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

FedEx close to wrapping up TNT buyout

Arab Today, arab today

Arab Today, arab today FedEx close to wrapping up TNT buyout

US delivery giant FedEx employs nearly 400,000 people
The Hague - AFP

US delivery giant FedEx now owns over 98 percent of Dutch rival TNT, the two companies announced Thursday as they move to complete a key $4.4 billion tie-up after winning EU approval.

The deal unveiled in April 2015 came two years after the European Commission, the European Union's powerful executive arm, had torpedoed a bid by FedEx's US rival UPS to buy TNT Express. 

In a joint statement, FedEx and TNT Express said that following an initial deadline to sell shares to the US giant, FedEx now owned 98.45 percent of TNT shares.

The two companies will now seek to complete the buyout in the third quarter of this year when FedEx will own 100 percent of TNT.

TNT will request a delisting from the Amsterdam-based EuroNext exchange as soon as possible.

The move is a key tie-up for the fast-growing e-commerce delivery business, allowing the Memphis-based FedEx greater access to European markets.

Brussels last year opened an investigation into the takeover citing concerns the deal could lead to higher prices for consumers who are increasingly buying online and getting packages delivered directly to them.

But the probe concluded that "European consumers will not be adversely affected by the transaction," EU Competition Commissioner Margrethe Vestager said in January.

TNT Express went through extensive restructuring after the UPS bid failed, cutting 4,000 jobs. It now employs some 56,000 people around the world.

FedEx employs nearly 400,000 people worldwide with annual revenues of $49 billion.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fedex close to wrapping up tnt buyout fedex close to wrapping up tnt buyout

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fedex close to wrapping up tnt buyout fedex close to wrapping up tnt buyout

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday