THE United Parcel Service (UPS) lost a court fight for US$2 billion in compensation over the EU commission's 2013 botched veto of its takeover bid for TNT Express, reports Bloomberg News.
The EU's General Court dismissed the challenge, deciding that ups failed to show how it had suffered damage.
The dispute kicked off after UPS scrapped its $5.9 billion bid in early 2013 after warnings of an impending EU veto over concerns the deal would have shrunk competition for express delivery services.
The EU's top judges threw out the commission's ban, declaring the bloc's merger watchdog had unfairly treated UPS by making a late change to the econometric model.
'This case is about the rule of law and integrity of the commission's merger review process,' said UPS.
'While we are pleased that the court acknowledged that UPS's rights were not upheld, we are disappointed that it did not award damages.'
SeaNews Turkey
The EU's General Court dismissed the challenge, deciding that ups failed to show how it had suffered damage.
The dispute kicked off after UPS scrapped its $5.9 billion bid in early 2013 after warnings of an impending EU veto over concerns the deal would have shrunk competition for express delivery services.
The EU's top judges threw out the commission's ban, declaring the bloc's merger watchdog had unfairly treated UPS by making a late change to the econometric model.
'This case is about the rule of law and integrity of the commission's merger review process,' said UPS.
'While we are pleased that the court acknowledged that UPS's rights were not upheld, we are disappointed that it did not award damages.'
SeaNews Turkey
