FedEx to complete TNT takeover on 25 May

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.”