Home / Other Sectors/ EU judges overturn Brussels veto of UPS-TNT shipping buyout

EU judges overturn Brussels veto of UPS-TNT shipping buyout

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 17 January 2019 01:04


Luxembourg, AFP: The European Commission was wrong to stop US shipping giant UPS from buying its rival TNT Express, the EU’s highest court ruled on Wednesday. 

The European Court of Justice “confirms that the commission’s decision prohibiting the acquisition of TNT Express by UPS must be annulled due to procedural irregularity,” the court said in a statement. 

The commission, the European Union’s powerful anti-trust regulator, in 2013 blocked the 5.0 billion euro ($5.3 billion) merger plan. Wednesday’s ruling is small consolation for UPS, as TNT went on to be bought out by US shipping giant FedEx in a tie-up that was approved by Brussels. 

“UPS is pleased that the European Court of Justice has agreed that UPS was not given a fair hearing,” said Gregg Svingen, global director of public relations at UPS. 

“The judgment in UPS’s favour makes a number of points preserving a competitive environment in Europe by clarifying the procedure and relevant criteria for merger approval,” he added. 

The commission said it was reviewing the decision and did not respond to a request for comment. 

UPS in 2017 claimed 1.7 billion euros ($2.1 billion) in damages from the commission after a lower court annulled the veto. 

The firm insisted that the demand corresponded to “objective assessments” of the opportunity wrongly blocked by the EU. 

Merger vetoes are rare by Brussels and TNT Express immediately announced in 2013 that it would shed 4,000 jobs after the failure of the UPS takeover. 

Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Is Sri Lanka under the dominance of a powerful cabal?

Saturday, 15 June 2019

There is a saying that “A fish rots from the head”. That is the expression used when a country’s leadership is seen as responsible for violence and unethical behaviour of its supporters and the citizens in general - agitating the majority commu

Behind the scenes

Saturday, 15 June 2019

We see and hear many things happening on the stage. Some we only hear about and do not see. More things are happening without being seen clearly. An observation with extensive view and survey will be the only means of bringing to light the true natur

My way or the Huawei: global battle for 5G dominance and its impact on Sri Lanka

Friday, 14 June 2019

The ongoing battle between the US and the Chinese tech giant Huawei is escalating due to both parties’ eagerness to dominate 5G technology, the next major global technological revolution. It will define the future of the World Wide Web, creating a

Plunder of public property by rulers

Friday, 14 June 2019

While the failure to build the modern nation has been the prime factor that had caused the wretchedness of Sri Lanka, plundering of public property by rulers when they are under their custody can be considered the next vital factor that had exacerbat

Columnists More