TheNigerianVoice Online Radio Center

EU Regulators To Decide On Fedex, TNT Deal By January 13

Listen to article

European Union antitrust regulators will decide by Jan. 13 instead of Dec. 8 whether to clear FedEx’s (FDX.N) 4.4-billion-euro ($4.90 billion) bid for Dutch rival TNT after the logistics companies asked for more time.

The European Commission opened a full-scale probe last month, concerned that the deal would lead to higher prices for businesses and consumers because the merged company would only compete with UPS (UPS.N) and DHL, a unit of Deutsche Post (DPWGn.DE).

“The parties have requested a 20-day extension for the phase II investigation, as they are entitled to do according to the merger regulation,” Commission spokesman Ricardo Cardoso said on Friday.

FedEx did not have any immediate comment.
The Commission in 2013 rejected a TNT bid to merge with UPS arguing it would result in less competition in 15 EU countries.

UPS has challenged the decision and is waiting for a court ruling.