The Taiwan Fair Trade Commission (the “TFTC”) resolved to unconditionally clear the merger between FedEx Corporation (“FedEx”) and TNT Express N.V. (“TNT”) on October 21, 2015. FedEx proposed to purchase all of the shares of TNT. Post-merger, the increase in the combined market share of FedEx and TNT in the local “international small package express delivery” market would be limited. The merged entity would continue to face competition from other local and foreign players in the market and would thus lack the ability to independently raise the price of its products or services. In addition, with the integrated global service network, the merged entity could raise the standard of its services and increase the number of service locations, bring forth positive effects to the overall economy. The TFTC therefore unconditionally cleared the merger.