BRUSSELS, Sept 9 (Reuters) - The European Union's second-highest court dismissed a compensation claim from travel company Thomas Cook on Tuesday after the bloc's executive wrongly barred an industry merger nine years ago.
The European Court of First Instance said the European Commission does not have to pay compensation for stopping the merger of Airtours -- now part of Thomas Cook -- with First Choice Holidays in 1999.
"The fact that the court annuls the decision of the Commission prohibiting the acquisition of First Choice by MyTravel does not make the Community liable in damages, since the Commission did not manifestly and gravely infringe Community law," the court said in statement.
A European Commission spokesman said the EU executive took note of the ruling.
The Luxembourg-based court, the second highest in the European Union after the Court of Justice, ruled in June 2002 that Brussels was wrong to bar the merger of MyTravel, then known as Airtours, with First Choice.
Airtours later became part of the MyTravel group, which itself merged with German retail group Arcandor's travel unit last year and joined Thomas Cook. Arcandor retained a 54 percent stake in the merged company.
MyTravel was seeking 518 million pounds ($911.8 million) in compensation. Thomas Cook shares were down 2.7 percent at 234.25 euros, while the broader European stock market was flat.
(Reporting by Michele Sinner, writing by Huw Jones, editing by Paul Taylor) ($1=.5681 Pound) Keywords: THOMASCOOK COURT/
|
Thread abonnieren
