Brazil’s CADE approves FedEx acquisition of TNT Express

Brazil’s CADE approves FedEx acquisition of TNT Express

Posted By : STAT Times 02-02-2016 00:00:00

Feb 02, 2016: FedEx Corporation, FedEx Acquisition B V (the Offeror) and TNT Express (TNT Express) 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 chief executive officer, 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.

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