The TNT shareholders have between Monday and 30 October to accept the proposed acquisition offer from FedEx. A joint statement from the two companies said the deal will be discussed with shareholders at a meeting on 5 October. The offer made to shareholders is a public cash offer, priced at €8 (£5.77) per ordinary share, providing at least 95% of shareholders vote in favour of the deal. However that figure will be reduced to 80% if shareholders vote in favour […]
UPS and TNT Express have submitted remedies to the European Commission to address its competition concerns, extending the review period further. The submission extends the EC’s review period by 15 business days to 5 February 2013. The proposed remedies involve the sale of the business activities and its assets. UPS needs to ensure the long-term viability of these activities and the continuity of service already provided by TNT Express. In order to receive approval, the EC will market-test the remedies. […]
The European Commission is not expected to decide until this autumn whether to pursue its infringement case against Germany over the imposition of the German minimum wage on hauliers from other nations, an EC spokesman has revealed.
Stobart Group has sold its automotive after-sales division, Stobart Vehicle Services, to Paragon Group for an undisclosed sum. The division, which was part of Autologic prior to its purchase by Stobart in August 2012, provides car manufacturers and dealerships with services ranging from new car preparation to customisation. As part of the deal Paragon will take on former Autologic sites in Corby, Portbury, Doncaster and five manufacturer locations and said it would be “welcoming 500 new staff”. The division will […]