The $4.8 billion acquisition of TNT Express by FedEx is likely to be completed today, according to a new statement issued by the two businesses.
Memphis-based FedEx said that it has “unconditionally declared” its offer for TNT, with 88.4 per cent of all shares committed and a settlement date for the deal of next Wednesday, 25 May.
“We are pleased with the outcome of the public share offer,” said David Bronczek, President and CEO, FedEx Express.
“May 25, 2016 will be a profound moment in the history of these two great companies. Together, we will transform the global transportation industry, connecting even more people and possibilities around the world.”
The development follows a late April announcement from FedEx and TNT, stating that they received unconditional approval of the offer from the Ministry of Commerce People’s Republic of China (MOCFCOM), and will bring an end to a 13-month review process.