AMSTERDAM: American package delivery firm FedEx has made a €4.4bn all cash offer for Dutch peer TNT Express, both firms said in a joint statement.
The offer price is a 33% premium on TNT Express’ closing price, the last day of trading before the Easter break. The offer is backed by TNT Express management and PostNL, which owns 15% of the shares, the statement said.
Taking over TNT Express would give FedEx a strong foothold in the European market. FedEx also plans to establish its European headquarters in Hoofddorp, where TNT Express is located. TNT Express, which posted a loss of €195m last year, has been considered a potential takeover target since it was spun off by PostNL in 2011. In 2013, objections from the European Commission scuppered its takeover by UPS, which had made a €5.2bn offer for the Dutch firm.
