FedEx take over TNT for European invasion
FedEx are planning a European invasion after they announced a £3.3bn all-cash takeover. All cash! Sounds a bit Arthur Daley that. Anyway, the two companies said that they'd both "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."
And if you're thinking that there's going to be problems with competition inquiries and all that, FedEx laugh in your face and are confident that there's going to be no issues around any of that.
A couple of years ago, UPS were blocked from taking over TNT, but they already have a strong presence in Europe, whereas FedEx don't.
TNT Express boss Tex Gunning 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."
FedEx chief Frederick W Smith, chipped in: "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."
Royal Mail, who hate everyone else in the delivery racket, saw their shares going up by 2% as a result of all this.