CHINA's Ministry of Commerce (MOFCOM) has given its approval to the FedEx and TNT Express merger, clearing the last regulatory hurdle to the union of the two.
Now that the deal has received approval from all necessary bodies, FedEx expects the acquisition to close by the end of June 2016, reports New York's Air Cargo World.
"With the approval of the MOFCOM, the Offer Condition with respect to Competition Clearances has now been fulfilled," said US-based FedEx and Netherlands-based TNT Express in a joint statement.
"With this final regulatory approval, we are one step closer to making the vision of combining the complementary networks of FedEx and TNT Express a reality," said TNT chief executive Tex Gunning.
Although the deal announced in April 2015 went unchallenged in the United States and Europe, earlier this year UPS appealed to the Brazilian regulatory agency known as Conselho Administrativo de Defesa Economica (CADE), asking it to reconsider its investigation.
CADE declined UPS' appeal on March 30 and said it would stand by its "unconditional approval" of the deal.
While little resistance was expected from Chinese regulatory authorities, it remained to be seen when a decision would be made.
Source : HKSG.