By WSJ Staff
FedEx Corp. on Tuesday said it would buy Dutch parcel-delivery
firm TNT Express NV for about EUR4.4 billion ($4.8 billion) to
expand in Europe.
FedEx and TNT said the all-cash deal had a high level certainty,
had been approved by the Dutch company's board and that the EUR8 a
share offer price represents a premium of 33% over TNT's share
price on April 2.
The companies said the combination would transform FedEx's
European capabilities and accelerate global growth. They also said
they were confident that any antitrust concerns can be addressed
adequately in a timely fashion.
The deal comes two years after an anticipated takeover of TNT by
U.S. rival United Parcel Service Inc. fell apart because of
antitrust issues, and as the Dutch company struggles to compete
with larger rivals, including FedEx.
FedEx Chairman and CEO Frederick Smith said the deal would allow
the U.S. company to "quickly broaden our portfolio of international
transportation solutions to take advantage of market
trends--especially the continuing growth of global e-commerce.
The statement said PostNL NV, which has a 14.7% stake in TNT,
plans to support the offer.
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