FedEx Corp. is not concerned about the European Commission’s decision to open a full investigation into its intended EUR4.4 billion takeover of TNT Express NV, and is not currently moving toward identifying possible remedies to eliminate the European Union’s antitrust concerns.
“We’re not working on remedy plans,” FedEx Express EMEA President David Binks said in an interview with The Wall Street Journal on Wednesday, while adding: “We’re not anticipating that situation. We’re anticipating the deal will be approved.”
In July, TNT and FedEx executives said that they were convinced the deal would not face any EU competition issues. However, later that month, the European Union’s antitrust body decided to open an in-depth investigation into FedEx’s intended acquisition of TNT, saying that it was concerned about the merged company’s dominance in the international delivery of small packages in some European markets.
“I don’t think it’s any surprise that the commission is going to do the right level of due diligence to make sure that they are comfortable with the opinion they reach,” Mr. Binks said on Wednesday.
Full content: The Wall Street Journal
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