EU court annuls 2013 Commission decision that blocked UPS takeover of TNT By Reuters

© Reuters. A courier van of UPS is seen in front of the head office of TNT in Hoofddorp

BRUSSELS (Reuters) – The European Court of Justice on Wednesday annulled a 2013 European Commission decision that blocked U.S. package delivery company UPS’s (N:) planned acquisition of Dutch peer TNT Express, citing a procedural error.

The ruling opens the way for the world’s largest delivery company to sue EU regulators for damages. UPS has said it is seeking 1.74 billion euros ($1.99 billion).

The EU veto paved the way for U.S. rival FedEx Corp (N:) to acquire TNT for 4.4 billion euros in 2016 in a deal approved by the Commission.

The Commission had rejected UPS’s planned 5.2 billion euro acquisition of TNT saying UPS had not offered sufficient concessions to allay concerns that the deal would hurt consumers.

The court said the Commission had infringed UPS’s rights of defense by using a different econometric model in its analysis than that used in its exchange of views and arguments with UPS.

Wednesday’s ruling follows that of the General Court of the European Union, the EU’s second highest court, in 2017. The Commission had appealed against that ruling.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *