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.
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