EC gives August date for ruling on FedEx takeover of TNT

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The European Commission says it will rule on FedEx’s proposed takeover of TNT by August 3. FedEx submitted its filing for the $5bn deal on Friday, and is expected to submit a formal offer to the Dutch authorities today. The express company doesn’t expect any significant opposition to the deal, but it will have to sell TNT’s two airlines. No bidders, or even interested parties, have yet been announced. The TNT takeover is expected to be complete in the first half of next year. The EU’s preliminary review will take up to 25 days, with FedEx given another 10 to make concessions, if required.