FedEx’s £3.2 billion bid for TNT Express has been approved by TNT’s board and its largest shareholder NL Post. Rival bids are not expected as the most likely parties would fall foul of the EU’s market share restrictions. Commentators say that the deal which would result in the creation of Europe’s second largest express delivery service business could be finalised early in 2016. TNT Express has been loss making for four years.
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