Brazilian regulatory agency Conselho Administrativo de Defesa Econômica (CADE) has rejected United Parcel Service’s (UPS) appeal of CADE’s approval of the FedEx Corp.-TNT Express merger. CADE had previously unconditionally approved Memphis-based FedEx’s acquisition of Netherlands-based TNT Express, joining regulators in the European Union and US in clearing the transaction. The rejection of UPS’s appeal, which reaffirms the Brazilian government’s ...

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