A last-minute attempt to derail the planned FedEx\/TNT Express merger was thwarted today by Brazilian regulators, when they rejected an appeal by rival UPS, which had objected to the deal on antitrust grounds.
\nThe Brazilian regulatory agency, known as Conselho Administrativo de Defesa Econ\u00f4mica (CADE), said it will uphold its \u201cunconditional approval of FedEx\u2019s intended acquisition of TNT Express,\u201d which already had been granted on Feb. 2.
\nUPS had responded to the Feb. 2 ruling by exercising its legal option on Feb. 18, requesting that CADE \u201cconsider a more in-depth review of an initial finding\u201d to ensure what UPS called \u201ca fair and thorough investigation\u201d of the proposed merger, said to be worth about US$4.8 billion.
\nWith Brazil\u2019s approval upheld by CADE, this leaves only the regulatory system of China as the final hurdle in the lengthy competition clearance process that followed the announcement of the proposed merger last year. Both FedEx and TNT said they expect to have little resistance from China, but no timeline for approval has yet been set.
\nIn a joint statement released today, FedEx and TNT said both companies \u201chave obtained unconditional competition approval in the EU, Brazil and the United States of America and continue to work constructively with regulatory authorities to obtain clearance of the transaction in the remaining relevant jurisdictions, including China.\u201d
\nThe two companies also said they are \u201cmaking timely progress\u201d with competition clearance and \u201ccontinue to anticipate that the offer will close in the first half of calendar year 2016.\u201d
\nSource: aircargoworld<\/p>\n","protected":false},"excerpt":{"rendered":"
A last-minute attempt to derail the planned FedEx\/TNT Express merger was thwarted today by Brazilian regulators, when they rejected an appeal by rival UPS, which had objected to the deal on antitrust grounds. The Brazilian regulatory agency, known as Conselho Administrativo de Defesa Econ\u00f4mica (CADE), said it will uphold its \u201cunconditional approval of FedEx\u2019s intended[…]<\/a><\/p>\n","protected":false},"author":1,"featured_media":1303,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[49],"class_list":["post-1302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-airport-code"],"_links":{"self":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/posts\/1302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/comments?post=1302"}],"version-history":[{"count":0,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/posts\/1302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/media\/1303"}],"wp:attachment":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/media?parent=1302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/categories?post=1302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/tags?post=1302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}