United Parcel Service Inc. may have won its antitrust case in Europe, but FedEx Corp. still gets to keep TNT. A European Union court threw out a 2013 decision by the bloc’s antitrust watchdog that blocked UPS’s $7 billion bid for Dutch parcel-delivery company TNT Express NV, the WSJ’s Natalia Drozdiak reports, saying the regulator had made procedural missteps in the closely watched case. It’s a potentially critical ruling for EU antitrust cases since it clarifies the path for analyzing the economics behind big mergers. But it’s little comfort to UPS, which scuttled the proposed acquisition after stiff objections from the EU and then watched FedEx buy TNT for $4.67 billion last year, expanding its reach in Europe. That deal left three major express carriers in Europe, although the continent’s big trucking market remains highly fragmented and ripe for consolidation.
FedEx deal with TNT grows the fragmentation of transport market
Section Markets News Date 08.03.2017