FedEx bulks up in Europe, buying TNT Express for $4.8 billion

Fortune

FedEx Corp [fortune-stock symbol= »FDX »] is looking to succeed where United Parcel Service [fortune-stock symbol= »UPS »] failed, with a $4.8 billion all-cash bid for Dutch-based shipper TNT Express NV [fortune-stock symbol= »TNTEY »].

The deal, which has already been agreed with TNT’s board, would make FedEx the third-largest delivery company in Europe after UPS and Deutsche Post AG [fortune-stock symbol= »DPSTF »], the owner of DHL. It could also herald a long-awaited consolidation of the industry in Europe, which has been struggling with razor-thin profit margins as the Eurozone has labored to regain economic momentum.

TNT has lost money for the last two years and many of its recent losses have come from restructuring measures, which have seen it retreat from some international markets. In February, it had warned shareholders that its core business probably wouldn’t recover until next year at the earliest.

« While we did not solicit an acquisition, we truly believe that FedEx’s proposal…

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