US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express on May 24. FedEx chairman and CEO Frederick Smith said the deal combines the world’s largest air express network and an “unparalleled” European road network. As part of the acquisition, TNT Express had to divest its two cargo airlines—Belgian carrier TNT Airways and Spanish operator Pan Air Líneas Aéreas—as under European Union ownership and ...

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