FedEx to acquire TNT

BRUSSELS: The EU’s anti-trust regulator on Friday cleared FedEx’s 4.4-billion-euro deal to buy Dutch rival TNT Express, a key tie-up for the fast-growing e-commerce delivery business. “Following an in-depth investigation opened in July 2015, the (European) Commission has concluded that the acquisition will not give rise to competition concerns,” the EU’s powerful executive arm said. The firms are ‘not particularly close competitors ... (and) merged entity will continue to face sufficient competition from its rivals in all markets concerned’, it said. Brussels opened the investigation citing concerns the deal could lead to higher prices for consumers who are increasingly buying online and getting packages delivered directly to them.