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UPS seeks €1.7B from EU over TNT takeover veto


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UPS seeks €1.7B from EU over TNT takeover veto

United Parcel Service Inc. is seeking €1.7 billion in damages from EU regulators after they wrongly blocked the attempted takeover of parcel delivery competitor TNT Express NV in 2013, Bloomberg News reported, citing a Feb. 26 court filing.

Europe's second-highest court, the Luxembourg-based General Court, annulled last year the 2013 veto of the 5.2 billion TNT deal because regulators did not alert UPS before changing an economic model used to weigh evidence.

UPS said in the new filing that it wants to "be put in the position it would have been in had the unlawful decision not been adopted," arguing that the EU's decision kept the logistics company from enjoying the benefits associated with the proposed deal, Bloomberg News reported. TNT was acquired by FedEx Corp. in 2016.

UPS filed its lawsuit in December 2017, according to the report.

The European Commission, which has appealed the court ruling against its decision in the EU's highest tribunal, is under increasing pressure over its powers to block takeovers.

HeidelbergCement AG lost a court battle over whether the EU was the right regulator to review an acquisition of a unit of Mexico-based building materials company Cemex, and has separately asked the court to throw out a 2017 EU veto of the deal, according to Bloomberg.