EU court rejects UPS $2 billion claim for EU veto on TNT bid

By Reuters Staff

1 Min Read

LUXEMBOURG (Reuters) - Europe’s second top court on Wednesday rejected world No. 1 logistics company United Parcel Service Inc’s record 1.74-billion-euro ($1.98 billion) compensation claim from EU antitrust regulators for blocking its 2013 bid for Dutch rival TNT.

“The General Court dismisses two actions for damages brought by UPS and ASL Aviation Holdings,” the court said.

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.

The cases are T-834/17 UPS v Commission and T-540/18 ASL Aviation Holdings and ASL Airlines v Commission.

($1 = 0.8810 euros)

Reporting by Foo Yun Chee and Bart Meijer