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FedEx To Acquire French Express Shipper Tatex; Terms Undisclosed

DOW JONES NEWSWIRES FedEx Corp. (FDX) agreed to acquire Tat Express, a French express-transportation company, adding to recent efforts to expand its operations in Europe. Financial details of the transaction weren't disclosed. Tatex, according to FedEx, carries 19 million parcels a year and generates annual revenue of about EUR150 million ($194.1 million). It employs more than 1,000 employees and has a central hub in the town of Lieusaint, south of Paris. "The Tatex business complements FedEx existing operations in the French market, and will enable the company to provide additional local services in one of Europe's largest geographies, to its customers around the world," said Chief Executive Frederick W. Smith. FedEx first entered the French market in 1985. The shipping giant last month revealed it was in talks to acquire Tatex just weeks after it struck an agreement to acquire Opek Sp.z o.o., a privately held Polish shipping company. Rival United Parcel Service Inc. (UPS) in March reached a $6.8 billion deal to acquire Dutch shipper TNT Express in an effort to strengthen its European operations. Analysts at the time said the bid was a "strategic block" that took away FedEx's most likely entry into the European ground market. Discussing fiscal third-quarter results in March, Smith said he was confident in FedEx's plans "to continue expansion [in Europe] primarily through organic growth." Shares closed Wednesday at $87.13 and were inactive premarket. The stock is up 4.3% since the start of the year, lagging gains in the overall market. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Fedex (FDX)
DateTimeHeadline
12/17/201416:13:27FedEx Says Port Delays Disrupted Shipping Patterns -- 3rd Update
12/17/201414:19:13FedEx Profit Rises Less Than Expected on Plane Costs -- 2nd Update
12/17/201409:48:36U.S. Hot Stocks: Hot Stocks to Watch
12/17/201408:43:08FedEx Profit Rises Less Than Expected on Plane Costs -- Update
12/17/201408:30:46Correction to FedEx Earnings Story
12/17/201408:22:23FedEx Profit Rises Less Than Expected on Aircraft Maintenance...
12/16/201417:27:08FedEx Acquires Bongo International
12/16/201412:40:11Good Weather, Cheap Fuel Seen Helping FedEx -- Earnings Preview
12/15/201418:54:37FedEx to Buy Logistics Company Genco -- Update
12/15/201418:00:09FedEx to Buy Logistics Company Genco
12/15/201413:04:12MARKET SNAPSHOT: Crashing Crude May Blow A $1.6 Trillion Hole...
12/10/201411:06:12New Leak Shows Scope of Luxembourg Corporate-Tax Deals -- 5th...
12/10/201406:16:27New Leak Shows Scope of Luxembourg Corporate-Tax Deals -- 2nd...
12/10/201405:49:20New Leak Shows Scope of Luxembourg Corporate-Tax Deals -- Update
12/09/201421:46:14New Leak Shows Scope of Luxembourg Corporate-Tax Deals
10/31/201407:57:27Misguided Ebola Fear May Boost FedEx, UPS Shares -- Barron's
10/23/201412:33:12UPS Earnings Poised to Rise on Lower Fuel Prices--Earnings Preview
10/22/201410:10:10FedEx Forecasts Jump in Holiday Deliveries
10/22/201409:53:51FedEx Forecasts Jump in Holiday Deliveries -- Corporate Intelligence
09/17/201419:58:21MARKET SNAPSHOT: U.S. Stocks Gain; Dow Closes At Record High

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