FedEx to complete TNT takeover on 25 May

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FedEx Boeing 777 Freighter

FedEx Express has declared its offer for TNT Express “unconditional” and says the settlement date for the 4.4 billion euro ($4.8 billion) takeover will be 25 May this year.

The US integrator says 88.4 per cent of all shares are committed for the deal at an offer piece of eight euros a share. The offer was first made on 21 August, 2015.

The remaining TNT Express shares can be tendered during the Post-Closing Acceptance Period, commencing on 19 May 2016 and ending on 1 June 2016.

FedEx Express president and chief executive officer, David Bronczek says: “We are pleased with the outcome of the public share offer. May 25, 2016 will be a profound 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.”