Daniel Loeb, the activist investor who has pushed for change at companies including Sony Corp., said his Third Point LLC has taken a stake in FedEx Corp., operator of the world’s largest cargo airline.
Since founder Jim Casey left United Parcel Service Inc. after more than five decades in charge, the company’s chief executive officers have served for an average of 5 1/2 years. Scott Davis reaches that milestone in June.
A surge in the introduction of new technology products, including Apple Inc.’s iPhone 5, is poised to drive up rates for shipping by plane, benefiting companies from FedEx Corp. to Atlas Air Worldwide Holdings Inc.
CSX Corp.’s container cargoes have increased about 10 percent for two straight quarters as eastern U.S. railroads invest billions in a business that threatens the trucking industry’s most lucrative shipments.
United Parcel Service Inc. is nearing an agreement to buy TNT Express NV, Europe’s second- largest package-delivery company, after an initial 4.9 billion euro ($6.5 billion) offer was rejected, people familiar with the matter said.
FedEx Corp. deepened cuts in air capacity to Asia and moved more packages to cheaper shipping modes, combating a customer shift away from expensive delivery options and boosting quarterly profit that beat estimates.
FedEx Corp. may try to jump into the bidding for TNT Express NV after the board of Europe’s second- largest package-delivery company rejected a $6.43 billion offer from United Parcel Service Inc., investors and analysts said.