Yes. This has been the FedEx MO for over 20 years now. "Sorry, but we're investing in new growth opportunities for your future" or some similar nonsense. This is how it's portrayed, and then the company makes a huge additional profit but little to none works it's way down to us because we "have to look to the future" etc.
I feel sorry for the employees of TNT. After the initial honeymoon period, X will start purging TNT management and then probably try to kill the unions. When FedEx bought Flying Tigers the first thing they did was to start trying to eliminate Tigers managers and the union flight attendants. Within a year, passenger flights were done, and about half the Tigers managers had been kicked out the door.
So, if there is an economic downturn in Europe, fully expect that as a reason for keeping pay low here.
It never ends.