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EU opens in-depth inquiry into Fedex's planned takeover of TNT
[BRUSSELS] The European Commission said on Friday that it had opened an in-depth investigation into Fedex's proposed 4.4 billion euro takeover of Dutch rival TNT Express.
The Commission, which oversees EU mergers and competition issues, said it had concerns that the merged entity would face insufficient competitive constraints in small package deliveries from the only two remaining players - UPS and DHL , owned by Deutsche Post.
"Many businesses, and in particular e-commerce, rely heavily on affordable and reliable small package delivery services, and many consumers depend on these services to ensure rapid and safe delivery of goods they have bought," Competition Commissioner Margrethe Vestager said in a statement.
The Commission has 90 working days, until 8 December 2015, to investigate the proposed acquisition and to determine whether these initial concerns are founded.