The European Commission (EC) has opened an in-depth investigation into the proposed takeover of TNT - one of the largest delivery companies in the world - by FedEx. 

FedEx is also a major global player in the small package delivery sector and concerns have been raised by the EC that the deal may not be in line with the European Union Merger Regulation. 

A statement from the EC specified that in several European markets, the new company would face insufficient competition in terms of international express and regular small package deliveries. If the deal is completed, some countries would have just two remaining major players - UPS and DHL. 

Prices in these markets could therefore become artificially inflated for business customers and consumers alike. 

Commissioner Margrethe Vestager, in charge of competition policy, said: "The Commission must therefore make sure that FedEx's takeover of TNT would not impede effective competition and would not lead to higher prices for consumers."