FedEx’s €4.4bn (£3.4bn) takeover of TNT Express is set to complete later this month, just over a year since the parcel giants announced the deal.

In a joint statement today, the businesses said 88.4% of TNT Express’s shares had been tendered during the acceptance period that ended on 13 May. FedEx will pay the offer price on 25 May.

FedEx said shareholders who have not yet tendered their shares will have the opportunity to in a post-closing acceptance period, which will run between 19 May- 1 June.

If FedEx has acquired 95% of the shares after the post-closing acceptance period, it will buy-out the business as soon as possible.

FedEx president and CEO David Bronczek said: “We are pleased with the outcome of the public share offer. May 25, 2016 will be a profound

TNT truck

moment in the history of these two great companies. Together, we will transform the global transportation industry, connecting even more people and possibilities around the world.”

The European Commission approved the takeover in January, after concerns that it would limit competition in the international express delivery market.

Topics