UPS has filed an appeal in Brazil of FedEx’s planned acquisition of TNT Express NV, according to a report in the Wall Street Journal, after Brazilian antitrust authorities had given it a green light.
“The review process in Brazil contains an option to submit an application to the senior level of CADE to consider a more in-depth review of an initial finding,“ a UPS spokesman said Thursday. ”This option has been exercised as part of ensuring a fair and thorough investigation.”
FedEx and TNT announced the $4.8 billion deal in April 2015. UPS dropped its bid for TNT in 2013 amid antitrust concerns from EU officials. UPS is also investing heavily in the European market, with plans to invest $1 billion by 2019, much of it focused on logistics operations in Germany.