http://news.sky.com/story/1459927/fedex ... s-takeover" onclick="window.open(this.href);return false;
FedEx has announced a €4.4bn (£3.3bn) all-cash takeover of Dutch rival TNT Express in a deal aimed at boosting its presence in Europe.
The companies said they had "reached conditional agreement on recommended all-cash public offer of €8 per ordinary TNT Express share.
"The transaction represents an implied equity value for TNT Express of €4.4bn."
FedEx, which employs 325,000 people worldwide, said its offer represented a 33% premium on the closing share price of 2 April.
Dutch mail service PostNL, which owns a 14.7% stake in TNT Express, said it had agreed to the offer which remained subject to full shareholder agreement and regulatory approval.
FedEx said it did not expect competition concerns to arise.
A United Parcel Service (UPS) bid for TNT was blocked by regulators on competition grounds two years ago but UPS, unlike FedEx, already had a strong European operation.
TNT Express boss Tex Gunning said the unsolicited offer came at a time of "important transformations" for the company.
He said: "Our people and customers can profit from the true global reach and expanded propositions, while with this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run."
His FedEx counterpart, Frederick W Smith, said: "This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends - especially the continuing growth of global e-commerce - and positions FedEx for greater long-term profitable growth."
TNT Express operates in more than 200 countries and maintains a leading role in the road freight network in Europe.
It currently employs some 65,000 people including 8,500 staff in the UK at headquarters in Warwickshire and at 54 depots across the country.
The joint statement said the combined companies would "co-operate to avoid any significant redundancies in the global or Dutch work forces."
Royal Mail shares rose by 2% today as a result of the latest consolidation in the European parcels sector.
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FedEx to buy TNT to expand 'Europe' deliveries
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POSTMAN
- SITE ADMINISTRATOR
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FedEx to buy TNT to expand 'Europe' deliveries
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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El-Bandito
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Re: FedEx to buy TNT to expand 'Europe' deliveries
However, the terms of the takeover allow for a competitor to make an offer within the next eight weeks and for the current deal to be terminated if that offer exceeds the existing proposal by 8%.
Moya the stage is yours. Instead of walking about like Tom Bakers' version of Dr Who..Buy TNT OUT. Save 1000s of 'OUR PEOPLE' s jobs.
http://www.myroyalmail.com/news/2015/04/moya-meets-team" onclick="window.open(this.href);return false;
Moya the stage is yours. Instead of walking about like Tom Bakers' version of Dr Who..Buy TNT OUT. Save 1000s of 'OUR PEOPLE' s jobs.
http://www.myroyalmail.com/news/2015/04/moya-meets-team" onclick="window.open(this.href);return false;