FedEx’s potential $4.8bn takeover of TNT has edged further forward as
the US express giant has filed regulatory paperwork to the European
Commission.
Over the weekend, the New York Stock Exchange-listed logistics
company confirmed it had submitted the required filing to the EC to
obtain regulatory clearance in connection with the intended recommended
public cash offer for all issued and outstanding ordinary shares in the
capital of TNT Express.
It added that it expected to submit a request for review and approval
of its offer document with the Netherlands Authority for the Financial
Markets before June 30, as required under Dutch law.
“Based on the required steps and subject to the necessary approvals,
closing of the Offer is anticipated in the first half of calendar year
2016,” FedEx said.
Other approvals will also need to be gained, with the offer
conditional on FedEx also obtaining the required competition clearances
in China, Brazil and, to the extent applicable, the US.
Under the planned deal, the relatively small TNT air fleet of 54
freighter aircraft would be sold to a third party, to assuage the
competition authorities in the European Union and elsewhere. This had
been one of the major sticking points in the previous proposed UPS
takeover.
TNT's owned and leased fleet includes B777Fs, B747Fs, and a combination of BAe 146, Boeing B737Fs and B757Fs.
The two sides reached a conditional agreement on the deal earlier in
April. The agreement recommends an all-cash offer by FedEx for all
issued and outstanding ordinary shares, including shares represented by
American Depositary Receipts of TNT Express for a cash offer price of
€8.00 per share.
Source : http://www.aircargonews.net/news/airlines/single-view/news/fedex-tnt-deal-edges-forward.html
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