FedEx requests EU approval for €4.4 billion TNT bid

<p>The US company is looking to extend its presence in Europe.</p>

US package delivery service company FedEx has asked the European Union's competition regulator to approve its €4.4 billion (£3.1 billion) bid for Dutch rival TNT Express, Reuters reports.

Through this deal, the US company seeks to extend its presence in Europe as global e-commerce, in competition with United Parcel Service and Deutsche Post.

FedEx submitted its request to the European Commission on Friday (June 26th) and the preliminary review is expected to take 25 working days.

It will also seek clearance from the Dutch financial market authority AFM before June 30, with the offer expected to close in the first half of 2016, a FedEx representative has said.

"This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends – especially the continuing growth of global e-commerce – and positions FedEx for greater long-term profitable growth," said FedEx chief executive officer Frederick W. Smith. 

The European regional headquarters of the combined companies will be at TNT Express's current headquarters at Hoofddorp, in Holland.

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