FedEx takeover of TNT approval appealed

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The approval of FedEx’s takeover of TNT Express by the Brazilian Conselho Administrativo de Defesa Economica (CADE) has been appealed by a third party.

CADE had unconditionally approved the takeover on 2 February as part of the process of gaining approval from relevant antitrust authorities. On 5 February, it was announced that TNT Express was to sell TNT Airways and Pan Air Lineas Aereas to ASL Aviation to comply with European Union airline ownership and control rules. TNT’s Eurohub at Liege Airport was not part of the sale.

Despite the appeal, the companies say they are hopeful the deal will be completed in the first half of 2016. The companies say: “FedEx and TNT Express continue to work constructively with regulatory authorities to obtain clearance of the transaction in the relevant jurisdictions, including China, and are making timely process.”