Special delivery: FedEx set to buy TNT Express for £3.2bn

Dutch parcel company TNT Express is being snapped up by US-based FedEx for £3.2bn, after a deal with rival UPS fell through.

The companies reached a conditional agreement for €4.4bn (£3.2bn), two years after UPS pulled out of a €5.2bn bid following a battle with EU competition authorities.

However, TNT has since restructured its business and believes problems with competition rules can be overcome this time.

Under competition rules, other competitors have eight weeks to make an offer that’s 8% above the deal.

Tex Gunning, chief executive of TNT Express, said: “This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy.

“But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and a non-financial view, is good news for all stakeholders.”

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