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FedEx Has Antitrust OK To Buy Watkins Motor Lines
WASHINGTON -(Dow Jones)- FedEx Corp. (FDX) has received antitrust clearance from the Federal Trade Commission to acquire the less-than-truckload operations of Watkins Motor Lines and certain affiliates for $780 million in cash.
The FTC said Tuesday that it granted early termination on Monday of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.
FedEx said in a press release May 26 that as part of the deal it also agreed to acquire the assets of Watkins Motor Lines' business in Canada, Watkins Canada Express.
Memphis-based FedEx expects the deal to close in the first quarter of fiscal 2007 but doesn't expect it to have a material impact on fiscal 2007 results, said the press release in May.
The Hart-Scott-Rodino law requires under certain circumstances that prospective acquirers of voting securities or assets apply for clearance from regulators. Requests for early termination or clearance are granted when the FTC and the Justice Department's antitrust division have determined that they won't take enforcement action during the waiting period.
Watkins will operate as a separate network within the FedEx Freight segment.
-By Ingrid Pedrick Lehrfeld, Dow Jones Newswires; 202-862-1361
FedEx Has Antitrust OK To Buy Watkins Motor Lines
WASHINGTON -(Dow Jones)- FedEx Corp. (FDX) has received antitrust clearance from the Federal Trade Commission to acquire the less-than-truckload operations of Watkins Motor Lines and certain affiliates for $780 million in cash.
The FTC said Tuesday that it granted early termination on Monday of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.
FedEx said in a press release May 26 that as part of the deal it also agreed to acquire the assets of Watkins Motor Lines' business in Canada, Watkins Canada Express.
Memphis-based FedEx expects the deal to close in the first quarter of fiscal 2007 but doesn't expect it to have a material impact on fiscal 2007 results, said the press release in May.
The Hart-Scott-Rodino law requires under certain circumstances that prospective acquirers of voting securities or assets apply for clearance from regulators. Requests for early termination or clearance are granted when the FTC and the Justice Department's antitrust division have determined that they won't take enforcement action during the waiting period.
Watkins will operate as a separate network within the FedEx Freight segment.
-By Ingrid Pedrick Lehrfeld, Dow Jones Newswires; 202-862-1361