FedEx Corporation, FedEx Acquisition B.V. and TNT Express have jointly announced that they have obtained the unconditional approval from the Brazilian Conselho Administrativo de Defesa Econômica (CADE) in connection with the intended acquisition of TNT Express by FedEx.
David Bronczek, President and CEO, FedEx Express, said, “We are very pleased with the unconditional approval from the Brazilian regulatory authority.” He added, “Once the acquisition is closed, we look forward to the opportunities it will bring to our employees, customers and shareholders in Latin America and across the globe.”
On January 8, 2016, FedEx and TNT Express announced that the Acceptance Period for the Offer has been extended until two weeks following the satisfaction or waiver of the Offer Condition with respect to Competition Clearances.
The Offer Condition regarding Competition Clearances relates to obtaining competition approval from the relevant antitrust authorities in the EU, Brazil, China and the United States of America. The companies recently announced the unconditional approval from the United States and the European Union. Under Brazilian law, the decision may be appealed within 15 calendar days of the official publication of the decision. FedEx and TNT Express have announced they are continuing to work with other regulatory authorities to obtain clearance of the transaction in other jurisdictions including China. FedEx and TNT Express have announced the companies expect the Offer will close in the first half of calendar year 2016.