Avgirl
Well-Known Member
Just in case anyone is interested...
http://atwonline.com/airlines/fedex-acquires-tnt-express
Logistics giant FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of TNT Express on May 24.
FedEx chairman and CEO Frederick Smith said the deal combines the world’s largest air express network and an “unparalleled” European road network.
As part of the acquisition, TNT Express had to divest its two cargo airlines—Belgian carrier TNT Airways and Spanish operator Pan Air Líneas Aéreas—as under European Union ownership and control rules the two European airlines cannot be majority owned by a non-European entity. These were acquired by Dublin-based ASL Aviation Group on May 24 when the FedEx-TNT Express deal closed.
Integration of FedEx and TNT Express will begin immediately, although FedEx said it will be business as usual.
“We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe, particularly in Europe where we will establish a strong new competitor,” FedEx EVP and CFO Alan Graf said.
Following the transaction, FedEx employs approximately 400,000 staff.
United Parcel Service (UPS) launched a takeover bid for TNT Express in 2012, but this deal ultimately failed on competition grounds.
http://atwonline.com/airlines/fedex-acquires-tnt-express
Logistics giant FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of TNT Express on May 24.
FedEx chairman and CEO Frederick Smith said the deal combines the world’s largest air express network and an “unparalleled” European road network.
As part of the acquisition, TNT Express had to divest its two cargo airlines—Belgian carrier TNT Airways and Spanish operator Pan Air Líneas Aéreas—as under European Union ownership and control rules the two European airlines cannot be majority owned by a non-European entity. These were acquired by Dublin-based ASL Aviation Group on May 24 when the FedEx-TNT Express deal closed.
Integration of FedEx and TNT Express will begin immediately, although FedEx said it will be business as usual.
“We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe, particularly in Europe where we will establish a strong new competitor,” FedEx EVP and CFO Alan Graf said.
Following the transaction, FedEx employs approximately 400,000 staff.
United Parcel Service (UPS) launched a takeover bid for TNT Express in 2012, but this deal ultimately failed on competition grounds.
