الأربعاء , يونيو 17 2020

FedEx to buy rival TNT Express

A TNT van

US parcels delivery firm FedEx is to buy its Dutch rival TNT Express for €4.4bn ($4.8bn; £3.2bn) as it looks to expand its European operations.

In a joint statement, the companies said both management boards had reached a “conditional agreement”.

FedEx has offered shareholders €8 per share, a 33% premium on TNT’s closing share price on 2 April.

It comes two years after United Parcel Service (UPS) pulled out of a €5.2bn bid for the Dutch firm.

Since then TNT has undertaken a restructuring programme, cutting costs, selling operations and investing heavily in its road network to hold on to customers in a weak European market for business package deliveries.

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