Source: www.thestar.com - Tuesday, April 07, 2015
THE HAGUE, Netherlands — American package delivery service FedEx has agreed to take over Dutch rival TNT Express, one of Europe’s largest delivery companies, for 6 billion Cdn, the companies announced Tuesday, in a move FedEx said will strengthen its business globally. FedEx Corporation has reached a conditional agreement with TNT Express’ management on an all-cash offer of eight euros ($10.9) for each TNT Express share. That represents a premium of 33 per cent over the share’s April 2 closing price, the companies said. They said the deal is expected to close in the first half of 2016, pending shareholder approval. Dutch postal company PostNL, which owns a 14.7 per cent stake in TNT Express, said it supports the bid. The planned takeover comes two years after United Parcel Service Inc. dropped a $7.1 billion-euro takeover bid for TNT Express, citing objections by European Union regulators. TNT Express and FedEx said they are “confident that anti-trust concerns, if any, can be addressed adequately in a timely fashion.” FedEx chairman and CEO Fred Smith said in a statement that the deal “allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends — especially the continuing growth of global e-commerce — and positions FedEx for greater long-term profitable growth.” TNT Express CEO Tex Gunning said that while his company did not solicit the takeover bid, “we truly believe th
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THE HAGUE, Netherlands — American package delivery service FedEx has agreed to take over Dutch rival TNT Express, one of Europe’s largest delivery companies, for 6 billion Cdn, the companies announced Tuesday, in a move FedEx said will strengthen its business globally. FedEx Corporation has reached a conditional agreement with TNT Express’ management on an all-cash offer of eight euros ($10.9) for each TNT Express share. That represents a premium of 33 per cent over the share’s April 2 closing price, the companies said. They said the deal is expected to close in the first half of 2016, pending shareholder approval. Dutch postal company PostNL, which owns a 14.7 per cent stake in TNT Express, said it supports the bid. The planned takeover comes two years after United Parcel Service Inc. dropped a $7.1 billion-euro takeover bid for TNT Express, citing objections by European Union regulators. TNT Express and FedEx said they are “confident that anti-trust concerns, if any, can be addressed adequately in a timely fashion.” FedEx chairman and CEO Fred Smith said in a statement that the deal “allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends — especially the continuing growth of global e-commerce — and positions FedEx for greater long-term profitable growth.” TNT Express CEO Tex Gunning said that while his company did not solicit the takeover bid, “we truly believe thfrom Top News on RSS Feeds http://ift.tt/1FyZzB1
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