UPS loses $2 billion euro claim for EU veto on TNT bid - Reuters
The world's No. 1 logistics company, United Parcel Service Inc (UPS.N), on Wednesday lost its court fight for a record 1.74-billion euro ($2 billion) compensation claim from EU antitrust regulators for blocking its 2013 bid for Dutch rival TNT.
A win for UPS could encourage other companies to take similar action though EU merger vetoes are rare, with only 10 deals blocked by the EU in the past decade.
The European Commission had stopped UPS' planned 5.2-billion-euro acquisition of TNT because it had not offered enough remedies to allay concerns that the deal would hurt consumers.
UPS subsequently challenged the decision in court, won and then sued the EU executive for compensation for the harm allegedly suffered as a result of the EU veto.
The world's No. 1 logistics company, United Parcel Service Inc (UPS.N), on Wednesday lost its court fight for a record 1.74-billion euro ($2 billion) compensation claim from EU antitrust regulators for blocking its 2013 bid for Dutch rival TNT.
A win for UPS could encourage other companies to take similar action though EU merger vetoes are rare, with only 10 deals blocked by the EU in the past decade.
The European Commission had stopped UPS' planned 5.2-billion-euro acquisition of TNT because it had not offered enough remedies to allay concerns that the deal would hurt consumers.
UPS subsequently challenged the decision in court, won and then sued the EU executive for compensation for the harm allegedly suffered as a result of the EU veto.