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FedEx still working on recovery from cyberattack at TNT unit

By: Associated Press
July 17, 2017 Updated: July 17, 2017 at 3:30 pm
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MEMPHIS, Tenn. (AP) — FedEx Corp. says it is still working to recover from a cyberattack that hit its European TNT Express unit, and the incident could have a material impact on its financial results.

Shares of FedEx fell 3.4 percent Monday morning but recovered about half by the close of trading.

FedEx said in a regulatory filing that the June 27 attack was causing lost revenue and higher costs for Netherlands-based TNT, which FedEx bought for $4.8 billion last year.

The so-called Petya attack spread a virus through a Ukrainian tax-software product that was used by TNT. FedEx said that all TNT facilities were running but many tasks were being performed manually and customers were experiencing delays.

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