Sunday 27th Sep 2020 - Logistics & Supply Chain

Chinese approval for FedEx-TNT deal

FedEx has received unconditional approval from the Chinese Ministry of Commerce (MOFCOM) for its takeover of TNT.

It means that all the required regulatory clearance have now been achieved, taking the deal a step closer to completion.

Shareholders wishing to accept the offer now have until 13th May to sign up to the deal.

“I want to thank the team members who collaborated with regulatory authorities around the world to help us reach this important acquisition milestone,” said David Bronczek, president and CEO of FedEx Express.

“As we work towards closing the acquisition, we look forward to welcoming TNT Express team members to the FedEx family of companies as we expand our portfolio of solutions and connect even more people and possibilities.”

And Tex Gunning, chief executive officer of TNT Express, said: “With this final regulatory approval, we are one step closer to making the vision of combining the complementary networks of FedEx and TNT Express a reality. This intended acquisition will bring value for our customers, shareholders and employees.”

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