American Battle for Europe: FedEx takes over Taxtex, UPS deploys TNT
2012 05 15
- Details
MEMPHIS based FedEx Corp has signed an agreement to buy French business-to-business express company Taxtex to enhance the firm's operations in Europe, just as Atlanta-based United Parcel Service (UPS) is to deploy its new holding, the TNT Express in a battle for market share..
FedEx has been steadily broadening its European network and announced plans one month ago to acquire Opek Sp.z o.o., a Polish shipping company.
The UPS acquisition of TNT meant that Germany's DHL was not longer the biggest express delivery company in Europe, according to the International Express Parcels 2012 report. The TNT buyout acquisition also left FedEx a distant third.
But FedEx came back punching. "This acquisition shows we are continuing to systematically and strategically invest in growing our network," said the FedEx statement.
"The Tatex business complements FedEx's 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."
The FedEx acquisition plans follow the company's purchase of ANC Holdings Limited, a British domestic express company in 2006 and of its Hungarian service provider, Flying Cargo Hungary in 2007.
Between October 2011 and the end of May 2012, FedEx will have opened 38 new stations across Europe, including 19 in France. The company has also invested in expanding its air fleet to provide an additional five B757s on intra-European routes, and another B777 for long-haul routes, bringing the total number of B777s operating FedEx routes in and out of Europe to four.
Also, the company said "its FedEx Trade Networks has greatly expanded its presence in Europe, including three new locations in France, adding 22 locations in recent years to complement the portfolio of express services."
Meanwhile UK-based Ceva Logistics, 91.3 per cent owned by Apollo Global Management LLC, has filed with US Securities and Exchange Commission to raise US$400 million in an initial public offering of common stock, Reuters reported.
CEVA, the world's second biggest non-asset based supply chain management company, told regulators in a prospectus that it would list on the New York Stock Exchange under the symbol "CEVL."
Reuters noted that IPOs in the logistics industry were picking up after a long absence. Linc Logistics, which first filed for an IPO in June 2010, renewed its IPO bid earlier this month.
Apollo bought the logistics division of Netherlands-based TNT, the predecessor of Dutch global express company, TNT Express, in 2006 for $1.9 billion and renamed it Ceva. In 2007, Ceva bought Houston-based freight management group EGL Inc for $2 billion.
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