UPS Appeals Brazil's Approval of FedEx-TNT Deal
UPS Inc. has appealed Brazil's approval of the FedEx-TNT Express deal, but the combining companies don't expect the acquisition to be delayed past June 30.
Brazil unconditionally approved FedEx's purchase of the European parcel delivery company Feb. 2 but the approval was subject to appeal within 15 days.
UPS said it lodged an appeal because it wants "a fair and thorough investigation" of the $4.8 billion bid by FedEx to acquire Netherlands-based TNT Express.
FedEx and TNT Express issued a joint statement Feb. 18 saying they "remain confident that the offer will close in the first half of calendar year 2016 and look forward to the opportunities the combined company will deliver for customers, shareowners and employees around the world."
The transaction has been approved by European regulators, where FedEx would become the No. 2 carrier behind DHL. The companies said they're continuing to seek clearance in China and other countries.
UPS ranks No. 1 and FedEx ranks No. 2 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
