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UPS Inc. is suing the European Union for 1.7 billion euros ($2.1 billion) in compensation for damage it claims to have suffered when regulators wrongly vetoed its attempted takeover of parcel delivery rival TNT Express NV.

The EU's lower court on March 7 annulled a 2013 decision by the European Commission blocking a planned merger between UPS and TNT Express, two international package delivery services.

FedEx Corp. reported net income rose 12.7%, excluding one-time costs, for the first quarter of fiscal 2017 compared with the same period a year ago.

FedEx Corp. announced it would begin integration of TNT Express assets immediately after completing the $4.9 billion deal that is the buyer’s largest-ever acquisition.

FedEx Corp. and TNT N.V., the Dutch package and freight operator, announced their $4.9 billion combination will be completed on May 25, a move that represents the largest acquisition ever for the U.S. company.

The biggest acquisition in FedEx Corp.'s 43-year history has cleared its final regulatory hurdle, after the deal received approval from Chinese officials, the parcel delivery company said.

UPS Inc. signaled its continued interest in Netherlands-based package and freight carrier TNT — currently pledged to a merger with FedEx Corp. — by asking a European Union court to reverse a 2013 regulatory ruling that blocked UPS from acquiring the Dutch company.

FedEx Corp. and Dutch freight and package operator TNT Express announced that the European Commission has decided that their combination doesn’t raise any competitive concerns and has given unconditional approval to the companies’ $4.9 billion merger, moving the plan a step closer to completion.

France’s competition watchdog fined parcel delivery services including units of Deutsche Post AG’s DHL, FedEx Corp. and TNT Express NV a combined 672.3 million euros ($737 million) for colluding to increase fees.

FedEx Corp. and TNT Express NV said the tender offer for the Dutch package and express company’s shares has been extended until Jan. 8 to allow more time for completion of regulatory reviews in countries such as China and Brazil.