EU Commission to enter Phase II review of TNT acquisition
AUG 3, 2015: TNT takes note of the European Commission’s decision to initiate a Phase II review of FedEx’s proposed acquisition of TNT. The Phase II review is part of the European Commission’s customary investigation process. As indicated in April 2015, FedEx and TNT expect the transaction to close in the first half of 2016. TNT looks forward to the success of the intended acquisition. The company will continue to cooperate with FedEx and the European Commission with a view to a positive outcome. Once approved, the joining of FedEx and TNT will create benefits for all stakeholders. It is intended to provide customers access to a considerably enhanced, integrated global network, combining TNT’s strong European capabilities and FedEx’s strength in other regions globally, including North America and Asia. TNT’s customers would also benefit from access to the FedEx portfolio of solutions, including global air express, freight forwarding, contract logistics and surface transportation capabilities. During the transaction approval process, TNT remains focused on executing its Outlook transformation and turnaround strategy, in line with the objectives set out during the company’s Capital Markets Day on 18 February 2015. More specifically, TNT remains committed to delivering an outstanding customer experience.