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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
08/24/201519:10:00Etihad Got $2.5 Billion Cash Injection from Abu Dhabi
08/21/201503:22:00FedEx to Formally Launch $4.8 Billion Offer for TNT Express on...
08/21/201501:00:00Recommended Public Cash Offer by FedEx for All Issued and Outstanding...
08/20/201518:20:00FedEx and Pilots Reach Tentative Agreement on Collective-Bargaining...
08/18/201507:30:00U.S. Postal Service Tries Hand as Fishmonger, Grocer
08/17/201517:09:00Proxy Statement (definitive) (def 14a)
08/17/201512:11:00Fourteen FedEx Drivers Earn Honors at National Truck Driving...
08/14/201509:00:00FedEx Corp. Board Declares Quarterly Dividend
08/13/201516:13:37Logistics Movers: FedEx Names Lange as COO of Forwarding Unit
08/13/201509:00:00FedEx Trade Networks Names Dr. Udo Lange as COO
08/12/201509:00:00GENCO Recognized as Best-in-Class
08/03/201517:03:56Four U.S. Airlines Object to Complaints Against Persian Gulf...
08/03/201517:00:08Four U.S. Airlines Object to Complaints Against Persian Gulf...
08/03/201516:57:32Four U.S. Airlines Object to Complaints Against Persian Gulf...
07/31/201519:59:08UPS Buys Firm To Aid Logistics
07/31/201515:50:04UPS to Buy Coyote Logistics for $1.8 Billion
07/31/201515:30:42UPS to Buy Coyote for $1.8 Billion as Delivery Giants Turn to...
07/31/201512:14:37EU Probes FedEx, TNT Deal -- 3rd Update
07/31/201511:09:12EU Probes FedEx, TNT Deal -- 2nd Update
07/31/201510:43:00Intended Offer by FedEx for TNT Express Enters Phase II Review...

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