Express parcel delivery group TNT on Monday issued a profit warning for the third quarter of 2015.

The news was released one hour before shareholders gathered to discuss a €4.4bn all cash offer from American package delivery firm FedEx.
TNT puts the blame for the profit warning on the ‘economic volatility’ in Brazil, China and Australia. The company has also been hit by pressure on margins in France and the costs of the ongoing reorganisation, the company statement said.

The ‘adjusted operational profit’ in the third quarter is expected to be ‘materially lower’ than the €50mn TNT reported in the year earlier period.

TNT and FedEx agreed the takeover deal in April. Shareholders are expected to give their verdict later on Monday.