China's Ministry of Commerce (MOFCOM) has unconditionally approved U.S.-based FedEx Corp's intended acquisition of Netherlands-based TNT Express, media reports said Tuesday.
With the approval of MOFCOM, the offer condition with respect to competition clearances has now been fulfilled, the National Business Daily (NBD) newspaper reported, citing a joint statement from the two companies.
The approval from China set the stage for the completion of the 4.4 billion euro ($5.04 billion) acquisition, as regulators in the U.S., EU and Brazil had already approved the deal, according to earlier media reports.
The NBD reported that the acquisition will not have a major impact on the Chinese market, as the companies already have relatively big market shares, compared with a potential change in market structure in Europe.
