The country’s second-largest package delivery firm, FedEx Corp. (NYSE: FDX) has revealed that it is in discussions to acquire French express company TATEX. The French firm carriers about 19 million packages annually and turns over about €150 million a year.
Earlier this month Fedex acquired a Polish express company, Opek Sp.z o.o. — an even smaller package delivery company — in a rear-guard action following competitor United Parcel Service Inc.’s (NYSE: UPS) $6.8 billion acquisition of Dutch firm TNT Express NV. German-listed DHL, with a market cap of more than double TNT’s, is probably too big for FedEx to swallow, so the company is forced to make small pickups where it can to try to keep up.
Shares of FedEx are up about 2% at $89.89 in a 52-week range of $64.07-$98.66.