FedEx Gets China Approval For Acquiring TNT Express

FedEx Corporation FDX, FedEx Acquisition B.V. (the Offeror) and TNT Express N.V. have issued a joint statement announcing that they got the unconditional approval of the China's Ministry of Commerce in connection with the Offer.

According to the companies, with the approval of MOFCOM, the Offer Condition has now been fulfilled in respect of the Competition Clearances. The company added that shareholders were reminded that in line with the dispensation granted by the AFM and the joint press release dated 8 January, the Acceptance Period shall end at 17:40 hours CEST (11:40 hours New York time) on 13 May.

FedEx President and CEO, David Bronczek, commented "I want to thank the team members who collaborated with regulatory authorities around the world to help us reach this important acquisition milestone. As we work towards closing the acquisition, we look forward to welcoming TNT Express team members to the FedEx family of companies as we expand our portfolio of solutions and connect even more people and possibilities."

Similarly, TN Express CEO, Tex Gunning, reacted by saying "With this final regulatory approval, we are one step closer to making the vision of combining the complementary networks of FedEx and TNT Express a reality. This intended acquisition will bring value for our customers, shareholders and employees."

On Friday, the stock traded 0.9 percent down.