FedEx Corp. and TNT Express issued a statement assuring stakeholders the companies are making ‘timely’ progress on preparations for FedEx’s acquisition of TNT.
FedEx said it expects to submit a request for review and approval of its offer document to the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, AFM) before 30 June, the date a request for approval must be submitted under Dutch law.
In addition, FedEx and TNT Express confirm that the process to obtain the required regulatory merger control approvals for the offer is proceeding without delays. The offer will be conditional upon FedEx obtaining the required competition clearances in the European Union, China, Brazil and, to the extent applicable, the US.
Both companies said they remain confident that substantive anti-trust concerns, if any, can be addressed adequately and in a timely fashion. Although FedEx and TNT Express aim to obtain the required regulatory clearances as soon as possible, it is noted that completing the formal clearance procedures could take up to one year. As such, it may be required to obtain an exemption from the AFM to (further) extend the offer period.