UPS seeks more than $2 billion in damages over rejected TNT bid

UPS has sued the European Commission for blocking its takeover of TNT Express in 2013.

The EU’s antitrust regulators had put a stop to the deal based on fears that UPS would monopolise the parcel delivery market in Europe. However, rival FedEx made a bid in 2016 which was accepted by the Commission.

UPS challenged the earlier rejection at the General Court in Luxembourg, which annulled the decision on the basis that the Commission inconsistently used econometric models in the analysis, infringing UPS’ right of defence.

UPS are now seeking €1.74 billion, equivalent to $2.4 billion, plus interest, court costs and compensation for taxes.

“We feel strongly that the proposed acquisition would have constituted a good deal for logistics customers,” said UPS spokesperson Gregg Svingen.

(Source: The New York Times)