FedEx Offers

Nigel Thomas
07 Apr, 2015
New York City

Ryanair said passenger traffic in March soared 28% to 6.67 million. Rio Tinto completed its buy-back of about 11.6 million shares worth $560 million. FedEx offered

[R]4:00 PM Frankfurt – Ryanair said passenger traffic in March soared 28% to 6.67 million. Rio Tinto completed its buy-back of about 11.6 million shares worth $560 million. FedEx offered €4.4 billion for TNT Express.[/R]

In London trading, FTSE 100 index climbed 1.8% or 125.66 to 6,959.12 and in Frankfurt the DAX index jumped 1.42% or 167.98 to 12,135.37.

In Paris, CAC 40 index advanced 1.8% or 90.23 to 5,164.37.

Ryanair Holdings Plc jumped 2.8% to €11.16 after the Ireland-based low-cost airline company said passenger traffic in March soared 28% to 6.67 million from 5.2 million in a year ago month.

The company has flown a total of 90 million passengers, an increase of 9 million after the launch of its latest marketing plan a year ago in March.

The airline added passenger load factor in the month climbed to 90% compared to 80% in a year ago month.

Rio Tinto Limited increased 0.7% to $56.15 after the mining company announced the completion of off-market buy-back offer of about 11.6 million shares worth $560 million, ahead of its target of $500 million.

The buy-back price was $48.44 per share, 14% discount to the market price.

The company added it will continue to buy-back its UK-listed shares till the year-end for a total of US$1.56 billion.

TNT Express NV surged 30% to €7.80 after the Netherlands-based express delivery company received offer from the U.S.-based FedEx Corporation of about €4.4 billion or $4.8 billion.

FedEx offered €8 per share in cash, which represents a premium of 33% over the closing price of April 2 and a premium of 42% on average price of last three months.

FedEx and TNT Express anticipated that the offer will close in the first-half of 2016.

Shares of FedEx Corporation climbed 4.3% to $173.85.