FedEx and TNT are one step closer to their merger after a joint statement from the companies said they did not expect to receive a statement of objections from the European Commission, which might have slowed or even vetoed the deal. The EC launched an “in-depth” investigation into the merger, which was announced in April, after it voiced “concerns that the merged entity would face insufficient competitive constraints” if it went ahead. However in yesterday’s statement the companies said while […]
UPS has announced it has the funding in place for the acquisition of TNT Express, which was announced on 19 March. The US parcels giant will finance the deal by using €3.7bn of cash from its balance sheet and around €1.46bn via existing credit facilities. Totalling €5.16bn, the original deal reached between UPS and TNT Express was for an all-cash offer of €9.50 per ordinary share for the takeover of the Dutch business. In line with Dutch regulatory requirements, UPS […]
The European Commission (EC) has hit Scania with a €881m (£771m) fine after concluding that it broke EU antitrust rules.
Uncertainty over EU workers’ future employment rights is a “major concern” given that 10% of the UK’s driver workforce is from the EU, the FTA has warned.