FedEx has gained clearance for its €4.4 billion acquisition of TNT Express from US competition authorities in the latest stage towards completing the historic mega-deal.
The Federal Trade Commission, which oversees competition in the USA, listed the deal as approved in its latest listing of competition cases yesterday, international news agencies reported. The approval was not announced by the FTC or the two companies.
However, US antitrust approval for the deal had been taken for granted since TNT only has a minimal presence in the US market, and the takeover thus has no material effect on the US express and parcel market.
FedEx and TNT are still waiting for an official decision from the European Commission which is due by January 13, 2016. However, they announced last month that they had been informed by the EC that it would not issue any objections, which effectively amounted to an all-clear.
Competition authority approval is also still required in China, Brazil and several other smaller markets.
FedEx has extended its agreed €8 per share offer for the Dutch company, whose shareholders have already formally accepted it, until January 8, 2016, pending approval from regulatory authorities around the world. The two companies expect the deal to be completed in the first half of 2016.
