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FedEx's Smith: To Expand In Europe 'Primarily Through Organic Growth'

By Bob Sechler Of DOW JONES NEWSWIRES FedEx Corp. (FDX) Chief Executive and founder Fred Smith declined to comment Thursday on rival United Parcel Service Inc.'s (UPS) plan to buy Dutch company TNT Express (TNTE.AE), although he reiterated his view that FedEx has no strategic need for a big acquisition in Europe. FedEx's express division "has a profitable, multi-billion-dollar business in Europe, and it is growing stronger," Smith said on a post-earnings conference call with analysts. He added that he's confident in FedEx plans "to continue expansion [in Europe] primarily through organic growth." On Monday, UPS announced it has agreed to buy smaller rival TNT Express in an all-cash deal valuing the Dutch package shipper at $6.80 billion. If the deal goes through, UPS would have 35% of the market for next-day parcel delivery in Europe, according to research firm Transport Intelligence, second behind Deutsche Post AG (DPW.XE) unit DHL's 39%. FedEx has 12% of the market, according to Transport Intelligence. FedEx has grown in Europe primarily through small deals, such as its 2007 purchase of Hungarian logistics company Flying-Cargo Hungary Kft. for undisclosed terms, and its late 2006 purchase of British transport company ANC Holdings Ltd. for $234 million. FedEx also has invested organically in Europe, expanding its air hubs in Paris and Cologne, Germany, in recent years. Meanwhile, FedEx said Thursday that its view of the economy, both in the U.S. and globally, has tempered a bit. The company forecast growth in U.S. gross domestic product at 2.1% for 2012, compared to a previous forecast of 2.2%. It forecast global GDP growth of 2.3%, from a previous view of 2.9%. -By Bob Sechler; Dow Jones Newswires; 512-258-1690; bob.sechler@dowjones.com

Stock News for Fedex (FDX)
DateTimeHeadline
07/01/201519:40:48UPS, FedEx Move Full Speed Ahead in Europe
07/01/201519:40:12FedEx Sends European Filings Concerning TNT Express -- Market...
07/01/201519:28:18UPS, FedEx Move Full Speed Ahead in Europe
06/23/201514:46:17E-Commerce Packages Travel Around Globe
06/22/201519:01:05Is Amazon Making a Mistake With Two New Delivery Methods?
06/18/201518:02:03Why You Might Soon Be Delivering Packages for Amazon.com Inc.
06/17/201519:17:02Realty Income Corporation: How This $10 Billion REIT Makes Its...
06/17/201511:08:03FedEx Earnings Fall Just Shy of Expectations
06/17/201510:37:21FedEx Profit, Revenue Miss Estimates--4th Update
06/17/201508:55:08FedEx Profit, Revenue Miss Estimates--3rd Update
06/17/201508:40:10FedEx Profit, Revenue Miss Estimates
06/17/201508:29:30FedEx Profit, Revenue Miss Estimates--Update
06/17/201508:21:55FedEx Profit, Revenue Miss Estimates
06/17/201507:36:29Current Report Filing (8-k)
06/17/201507:30:00FedEx Corp. Reports Fourth Quarter Earnings
06/16/201517:10:03These Stocks Just Raised Their Dividends
06/12/201513:48:34FedEx to Book $2.2 Billion Pension Accounting Charge -- 2nd Update
06/12/201510:15:23FedEx to Book $2.2 Billion Pension Accounting Charge--Update
06/12/201510:00:09FedEx to Book $2.2 Billion Pension Accounting Charge
06/12/201509:48:20FedEx to Book $2.2 Billion Pension Accounting Charge

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