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Regulatory hurdle next step for FedEx TNT

HOOFDDORP: TNT Express has confirmed the unanimous acceptance by its two Boards of a US$4.8 billion cash offer from Federal Express to acquire the company, subject to 95 percent uptake by shareholders and regulatory approval in Europe, Brazil, China and the U.S.

TNT Express GermanyThe European Commission says it expects to complete its in-depth analysis of the offer by January 13, 2016 before reaching a decision on whether to grant anti-trust approval.

The acquisition, if successful, is expected to complete during the first half of 2016 at which time David Binks, FedEx regional president Europe, would replace current TNT Express CEO Tex Gunning. Mark Allen, FedEx senior vice president, Legal International would also join the executive team. Current TNT Express CFO Maarten de Vries would remain in office for a period of six months following the acquisition completion.

"This is an important transaction for FedEx, and the offer represents positive news for all stakeholders," said Binks. "We believe the combination will provide significant value to both companies and both sets of shareholders. FedEx is delighted by the unanimous support from the executive board and the supervisory board."

In a joint statement, the companies said Hoofddorp, near Amsterdam would become the European regional headquarters of the proposed new unit and the Liege hub maintained as a "significant operation". Prior to deal completion, TNT Express' air carrier operations will be divested to resolve European airline ownership regulations and where permitted its intercontinental air operations will transition to FedEx. The TNT Express brand will be retained for an "appropriate period" said the statement.

After successful completion of the offer, the new TNT Express supervisory board would comprise of three FedEx executives - David Cunningham (FedEx president Asia Pacific), Christine Richards (FedEx Corp. EVP), and David Bronczek (FedEx Express CEO) - and the two current independent members, Margot Scheltema and Shemaya Levy Chocron.

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