The American group FEDEX is to pay some $1.2 bn for the regional freight carrier AMERICAN FREIGHTWAYS in a cash and FEDEX shares transaction. the share-swap will be on the basis of $28.13 per AMERICAN FREIGHTWAYS share. FEDEX will combine AMERICAN FREIGHTWAYS with its subsidiary VIKING FREIGHT, giving rise to the second largest road parcels delivery group in the United States with a turnover of more than $1.6 bn.