UPS (UPS) Appeals EU Rejection of $6.7B TNT Express Bid

United Parcel Service (NYSE: UPS) filed an appeal following the European Union's (EU) move to block the Company's proposed acquisition of Dutch parcel giant TNT Express.

The EU said last January that it was working to prohibit the move prompting UPS to drop the €5.16 billion (about $6.7 billion) bid, Reuters noted Sunday. A spokesperson for UPS said the company planned to challenge the EU decision, calling it "factually and legally erroneous."

The appeal was submitted to the European Commission (EC) last week, the spokesperson noted.

Since the January 14th verdict, UPS shares have melted 6.2 percent higher as U.S. markets like the Dow Jones Industrial Average and S&P 500 tapped all-time highs. Shares of UPS are flat Monday morning.

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