FedEx Corp. (NYSE: FDX) said the European Commission has initiated a Phase II review in connection with FedEx´s intended public offer to acquire all the issued and outstanding shares of TNT Express N.V.
This is the next step in the process where the European Commission conducts an in-depth analysis under the EU Merger Regulation before coming to a decision. The transaction is also being reviewed by other antitrust agencies, including the Ministry of Commerce (MOFCOM) in China and Conselho Administrativo de Defesa EconÃ´mica (CADE) in Brazil.
On June 26, 2015, FedEx started the formal process to obtain merger control approval from the European Commission by submitting the required filing to obtain regulatory clearance in connection with its intended offer to acquire TNT Express. FedEx has also submitted a request for review and approval of its Offer Document with the Netherlands Authority for the Financial Markets (Stichting Autoriteit FinanciÃ«le Markten, AFM) on June 26, 2015 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 2016.
FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of USD47 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand.