FedEx board approves spinoff of LTL unit
FedEx Corp. is officially moving forward with the spinoff of its less-than-truckload unit, FedEx Freight, following formal approval from its board of directors. The Memphis-based company announced Wednesday that the separation will conclude June 1. Under the approved plan, FedEx (NYSE: FDX) will execute a pro rata distribution of 80.1% of the outstanding common shares…