FedEx Sends European Filings Concerning TNT Express -- Market Talk
02 July 2015 - 9:40AM
Dow Jones News
2309 GMT [Dow Jones] FedEx on Friday submitted required
regulatory filings to the European Commission necessary to move
ahead with its previously announced deal to acquire parcel firm TNT
Express for nearly $5 billion. While FedEx has said it is sure the
deal will win the necessary approvals, recent comments by the
European Union's top antitrust official signal it could face closer
scrutiny than had been expected. EU antitrust chief Margrethe
Vestager, who took office in November, has warned repeatedly that
she would look closely at large mergers that could lead to higher
prices for consumers. Because it has a smaller European network
than UPS and less overlap with a since-weakened TNT, FedEx has said
the scenario is far different from UPS's failed acquisition
attempt. The UPS deal collapsed in part after it failed to find
what regulators deemed appropriate buyers for some assets it needed
to shed due to competitive reasons (@LauraStevensWSJ)
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