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FedEx Bids $4.8 Billion for TNT Two Years After UPS Deal

April 07, 2015

Photograph by Simon Dawson — Bloomberg via Getty Images

FedEx Corp. agreed to buy Dutch parcel-delivery company TNT Express NV for 4.4 billion euros ($4.8 billion), predicting it can succeed where bigger rival United Parcel Service Inc. was blocked by regulators in 2013.

TNT investors will receive 8 euros a share in cash, 33 percent more than the closing price on April 2, the most recent trading day. That’s less than UPS’s January 2012 offer of 9.50 euros, a reflection in part of a deal that has fewer synergies for FedEx, TNT Chairman Antony Burgmans said.

FedEx, calling the purchase a “match made in heaven,” said the timing was right for the approach, with a stronger dollar and a budding European recovery. FedEx has a chance to succeed where UPS failed as it has less overlap with TNT and has agreed to shed TNT’s airline operations in an effort to win approval.

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