On 7 April FedEx and TNT Express announced in a joint press release that the two companies reached a conditional agreement on a recommended all-cash public offer. In other words, FedEx is prepared to take over TNT Express and receives the unanimous support from TNT Express’ Executive Board and Supervisory Board.
Eduardo Chagas, ETF General Secretary, says: “While both companies hail the benefits of this acquisition for customers and shareholders, employees of both companies must equally gain in terms of social rights and working conditions.”
The joint FedEx – TNT press release highlights that the employees of the two companies “share a commitment to serving customers and delivering value for shareholders and supporting communities they live and work in”.
Furthermore, FedEx commits “to respect existing work councils’, trade unions’ and employee rights and benefits (including pension rights)” and to avoid any significant redundancies. However, mindful of the precarious situation of the TNT business, concerns among trade unions and works councils are high.
The ETF will therefore closely monitor the take-over to ensure that FedEx and TNT employees are involved in all stages of the process. Labour, information and consultation rights of employees from the two companies have to be fully respected. A first employee representatives’ meeting under the coordination of the ETF will most than likely take place the first half of May.