FedEx wraps up TNT

There is consolidation underway in the delivery business, and European giant TNT is being bought by FedEx, the American offering a 33% premium in a buy-out priced lower than one proposed back in 2013.

US rival UPS tried and failed two years ago to buy the Dutch concern but EU competition regulators nixed the merger. The pair have agreed a 4.41 billion euro deal that analysts say should not hit the same regulatory hurdle.

TNT has been losing market share despite cutting costs, selling operations and investing in its road network in a struggle to hold on to customers in a weak European market.