EU court paves way for $2 billion UPS claim as annuls TNT bid veto - Reuters
Europe’s top court opened the way to a $2 billion damages claim by U.S. delivery company UPS (UPS.N) on Wednesday by annulling a 2013 decision to stop it buying Dutch firm TNT Express.
The European Court of Justice said the ruling followed a procedural error by the European Commission in its veto, which paved the way for FedEx Corp (FDX.N) to acquire TNT Express for 4.4 billion euros in 2016, a deal it approved.
UPS, which has said it is seeking 1.74 billion euros ($1.98 billion) from the European Commission, said it was pleased the court agreed that the company had been given a fair hearing.
Europe’s top court opened the way to a $2 billion damages claim by U.S. delivery company UPS (UPS.N) on Wednesday by annulling a 2013 decision to stop it buying Dutch firm TNT Express.
The European Court of Justice said the ruling followed a procedural error by the European Commission in its veto, which paved the way for FedEx Corp (FDX.N) to acquire TNT Express for 4.4 billion euros in 2016, a deal it approved.
UPS, which has said it is seeking 1.74 billion euros ($1.98 billion) from the European Commission, said it was pleased the court agreed that the company had been given a fair hearing.
