UPS Appeals EU’s Rejection of Bid to Buy TNT Express
UPS Inc. has appealed the European Union’s decision to block its $6.8 billion bid to buy European package firm TNT Express, seeking to clarify the regulator’s legal arguments but not to renew its interest in the deal, Bloomberg News reported Monday.
The appeal is to “ensure a more accurate assessment of the EU competitive landscape,” a UPS spokeswoman told Bloomberg.
UPS abandoned its bid to buy TNT in January after the European Commission cited antitrust concerns. The purchase would have doubled UPS’ footprint in Europe.
Appeals of commission decisions are filed at the EU General Court. Rulings by the Luxembourg-based court can take an average of two years, Bloomberg said.
