The acquisition of TNT Express by FedEX has been given the green light by the European Commission.
The EU deadline for issuing a ‘Statement of Objections’ on the proposed €4.4 billion deal would have expired today, yet FedEx and TNT announced that the European Commission decided not to block the transaction.
Back in August, FedEx had officially launched a €4.4 billion offer for its Dutch rival, but hit a bump after the European Commission said it would open an “in-depth investigation” into the deal amid concerns about the combined group's dominance in the international delivery of small packages in some European markets.
“FedEx and TNT have been informed by the European Commission that no Statement of Objections will be issued,” the companies’ joint statement said.
As a result, FedEx and TNT continue to expect that the acquisition will close in the first half of calendar year 2016.