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Top EU court upholds ruling annulling veto of UPS' takeover bid for TNT Express

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Top EU court upholds ruling annulling veto of UPS' takeover bid for TNT Express

Europe's highest court upheld a 2017 ruling annulling the European Commission's 2013 decision to block United Parcel Service Inc.'s proposed takeover of Dutch parcel delivery rival TNT Express NV.

The General Court, the EU's second-highest court, in 2017 annulled the veto of UPS' proposed €5.2 billion takeover bid for TNT after it found that the Commission had failed to notify UPS of the price concentration econometric model it used in deciding to block the proposed transaction.

The Commission launched an appeal before the EU Court of Justice against the General Court's ruling, but the top EU court rejected the appeal, saying in a Jan. 16 ruling that the lower court "did not err in law" in its 2017 decision.

The General Court's 2017 ruling had prompted UPS to seek €1.7 billion in damages from EU regulators for wrongly blocking the proposed takeover. TNT Express was acquired by FedEx Corp. in 2016.