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FedEx is to buy its Dutch rival TNT Express for €4.4 billion ($4.8 billion) as the US parcels delivery company looks to expand its European operations.
In a joint statement, FedEx and TNT said both management boards had reached a “conditional agreement”.
FedEx has offered shareholders €8 per share, a 33% premium on TNT’s closing share price on April 2.
It comes two years after United Parcel Service (UPS) pulled out of a €5.2 billion bid for the Dutch firm.
UPS pulled out of the deal following opposition from EU competition authorities, saying it saw “no realistic prospect” of approval for its bid from the European Commission.
Since then TNT has undertaken a restructuring program, cutting costs, selling operations and investing heavily in its road network to hold on to customers in what has been a weak European market for business package deliveries.
Photo Getty Images
FedEx and TNT Express expect the deal to be completed in the first half of 2016 and say they are confident any European competition concerns can be overcome this time.
The European regional headquarters of the combined companies will remain in the Netherlands, while FedEx has promised to maintain the TNT Express brand “for an appropriate period”.
TNT Express CEO Tex Gunning said: “This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy.
“But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and a non-financial view, is good news for all stakeholders.”
However, the terms of the takeover allow for a competitor to make an offer within the next eight weeks and for the current deal to be terminated if that offer exceeds the existing proposal by 8%.
TNT Express warned in February 2015 that it expected adverse trading conditions to continue in its main western European markets this year, as it reported a €196 million annual loss on revenues which fell 3.2% to €6.6 billion.
Delivery experts have attempted to calculate how Santa would make his impressive delivery to around 760 million children on Christmas night if he didn’t have magic on his side.
Experts from FedEx and UPS shared their calculations with National Public Radio’s Planet Money, estimating the resources they’d need to compete with Santa’s nine reindeer and unknown number of elves.
And it doesn’t come cheap. The delivery firm bosses estimate Santa would need a 12 million-strong operation with workers specializing in areas from sleigh-loading to border control and meteorology and that’s after the presents are wrapped.
Paul Tronsor from FedEx said: “It is really about international business because after all that’s what Santa is really doing here – a massive international operation…Santa is the head of this huge organization, so we expect Santa would need around 12million people. Santa Inc is massive, I don’t know of any company that has the number of employees that Santa does.”
Both companies admit Santa’s workforce probably doesn’t need to meet these exact figures – given he has the unknown advantage of festive magic on his side – but if he didn’t there’s no doubt he would be Chief Executive of the biggest organization on earth.
They predict he would need 46 international facilities each 5.2million square feet with 155 miles of conveyer belt and 9,000 employees working in present-loading alone.
Delivery experts have attempted to calculate how Santa would make his impressive delivery to around 760 million children on Christmas night if he didn’t have magic on his side
They estimate a further 7,000 employees would be needed to tweak his route mid-air, with an extra 100 meteorologists to insure he avoids poor weather and 40,000 to make sure he has the right permits to cross the world’s borders and to deal with customs staff.
Mike Mangeot of UPS says the support staff under Santa’s leadership would span all sorts of professions.
“Whether it would be human resources, finance and accounting, network planning or regulatory compliance…You can’t just fly into a country, you have to get permissions to do that.”
And it’s the sleigh that’s makes the parcel-delivery bosses really envious.
“Santa’s sled has to be absolutely ginormous,” Mike Mangeot adds.
“If you assume conservatively that each of these 760 million children get one present which weighs one pound – that’s 760 million pounds, which would take 295 747 aircraft to haul. Interestingly that is about 50 more 747s than exist in the entire world so these reindeer are doing something impressive on Christmas night.”
What a FedEx Santa would need
- 12 million members of staff including 100 border experts, 100 meteorologists and 7,000 route planners
- 46 International packing facilities where he could re-load his sleigh through the night
- Each facility would be 5.2million square feet with 155 miles of conveyer belt and 9,000 packing staff
- His sleigh would need to carry a weight of at least 760 million pounds which would take 295 747 airplanes to carry
- 40,000 customs experts to help Santa navigate across the world’s borders
The video of a FedEx employee lobbing a computer monitor into a garden has been viewed 200,000 times on YouTube and seemed to be hilarious, but, sadly, this isn’t the only box not being handled with care.
Other delivery men have been caught in the act of throwing, dragging and dumping special deliveries in the U.S.
A whole range of techniques are employed by the busy delivery guys. One man throws packages from his van without even looking where they are going to land. Another has perfected a horseshoe throw while one uses as much care as you would to toss out the garbage.
In another incredible clip, a FedEx truck on the highway was caught on video camera with what appears to be a kitchen appliance stuck to the front grille – with sparks flying up from the road.
Many delivery men have been caught in the act of throwing, dragging and dumping special deliveries in the US
FedEx had now identified their rogue employee but had not released his name and said he would be dealt with internally. Company spokeswoman Shea Leordeanu added: “This won’t be his best day.”
Shea Leordeanu said company executives were “shocked” when they saw the video yesterday and called the handling of the package “unacceptable”.
The 21-second clip, uploaded to YouTube by user goobie55 on Monday night, shows the delivery man taking the package from the back of a FedEx-branded van parked outside of the home’s front lawn.
Taking the package out, he walks alongside an iron gate and past what appears to be a security keypad that might buzz him in.
Without missing a beat, its fragile contents are tossed onto a driveway on the other side of the gate.
Peering over his shoulder, the unidentified male continues his march back to the van – and, presumably, his next delivery.
“All of us here at FedEx have seen the video and quite frankly we were shocked,” said Shea Leordeanu.
The customer who posted the video has not contacted the company yet, Shea Leordeanu said. However, FedEx officials asked the person to come forward so they could properly apologize.
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A hilariously sad clip of a FedEx delivery man chucking a computer monitor over a fence before returning to his van was posted on YouTube.
“Here is a video of my monitor being <<delivered>>,” the YouTube user wrote to describe surveillance footage taken outside a gated residence.
The 21-second clip, uploaded to YouTube by user goobie55 on Monday night, shows the delivery man taking the package from the back of a FedEx-branded van parked outside of the home’s front lawn.
Taking the package out, he walks alongside an iron gate enclosing the residence and past what appears to be a security keypad that might buzz him in.
Without missing a beat, its fragile contents are tossed onto a driveway on the other side of the gate.
Peering over his shoulder, the unidentified male continues his march back to the van – and, presumably, his next delivery.
A hilariously sad clip of a FedEx delivery man chucking a computer monitor over a fence before returning to his van was posted on YouTube
“The sad part is that I was home at the time with the front door wide open. All he would have had to do was ring the bell on the gate,” the YouTube user who uploaded the clip wrote in the description.
“Now I have to return my monitor since it is broken.”
Within hours of the footage being uploaded, several others shared similar horror stories.
One commenter, claiming to be a former FedEx employee, attempted to explain – suggesting the package might have been in pieces long before the botched delivery.
“I can tell you that that incident pails in comparison to the way they [sic] packages are handled behind closed doors,” the user wrote.
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