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

by Mike Robinson

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© Reuters. FILE PHOTO. United Parcel Service’s logo is seen on a New York Stock Exchange screen, New York, U.S.A, 22 October 2019. REUTERS/Brendan McDermid/File Photo

LUXEMBOURG, (Reuters) – Europe’s second highest court rejected the world’s No. Logistics company No. 1 United Parcel Service Inc. (NYSE:) filed a record 1.74 billion euro ($1.98 million) claim for compensation from EU antitrust regulators after it blocked its 2013 bid to acquire Dutch competitor TNT.

The court stated that “The General Court dismissed two lawsuits for damages filed by UPS and ASL Aviation Holdings.”

UPS had to stop its planned acquisition of TNT for 5.2 billion euros by the European Commission because it didn’t offer enough solutions to alleviate consumer concerns about potential harm.

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)

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