Brazil’s Conselho Administrativo de Defesa Econômica Unconditionally Approves FedEx Intended Acquisition of TNT Express
FedEx Acquisition B.V. (the Offeror) and TNT Express (TNT Express) jointly announce that they have obtained the unconditional approval from the Conselho Administrativo de Defesa Econômica (CADE) in connection with the Offer.
“We are very pleased with the unconditional approval from the Brazilian regulatory authority,” said David Bronczek, President and CEO, FedEx Express. “Once the acquisition is closed, we look forward to the opportunities it will bring to our employees, customers and shareholders in Latin America and across the globe.”
On January 8, 2016, FedEx and TNT Express announced that the Acceptance Period for the Offer has been extended until two weeks following the satisfaction or waiver of the Offer Condition with respect to Competition Clearances.
The Offer Condition regarding Competition Clearances relates to obtaining competition approval from the relevant antitrust authorities in the EU, Brazil, China and the United States of America. The companies recently announced the unconditional approval from the United States and the European Union. Under Brazilian law, the decision may be appealed within 15 calendar days of the official publication of the decision. FedEx and TNT Express continue to work constructively with the regulatory authorities to obtain clearance of the transaction in the relevant jurisdictions, including China. FedEx and TNT Express are making timely progress and continue to anticipate that the Offer will close in the first half of calendar year 2016.
About FedEx Corp.
FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $49 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 340,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities.