TNT 3rd-quarter loss narrows, progress in takeover by FedEx

AP News
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Posted: Oct 26, 2015 3:38 AM

AMSTERDAM (AP) — TNT, the Dutch-based delivery service that is being taken over by FedEx, says its operating loss in the third quarter narrowed to 27 million euros ($30 million) from 51 million euros in the same quarter last year.

Revenue for the quarter edged up by 2.3 percent to 1.67 billion in what Chief Executive Officer Tex Gunning calls a "transition year" for the company.

Gunning said Monday that "substantial progress has been made in the recommended acquisition of TNT by FedEx," with European regulators recently saying they would not object to the deal and shareholders giving their approval.

Gunning said he expects the takeover to be completed in the first half of 2016.