Member Article

FedEx announces €4.4bn takeover of Dutch rival

FedEx and Dutch rival TNT Express today announced that a conditional agreement on an all-cash offer of approximately €4.4bn (£3.3bn) has been reached.

TNT Express’ Executive Board and Supervisory Board unanimously recommended and supported the transaction which is set to accelerate FedEx’s presence in Europe and plans for growth.

Both companies anticipate that the offer will close in the first half of calendar year 2016.

Frederick W. Smith, Chairman and CEO of FedEx Corp., said: “We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe.

“This transaction 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.”

Tex Gunning, CEO of TNT Express, said: “This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy.

“But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and a non-financial view, is good news for all stakeholders.

“Our people and customers can profit from the true global reach and expanded propositions, while with this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run.”

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