The European Union's Court of First Instance Tuesday annulled the European Commission decision prohibiting a merger between WorldCom and Sprint, ruling that the Commission no longer had the power to adopt the decision after it had been notified that the merger had been abandoned.
In 2000, the Commission blocked the proposed merger on antitrust grounds, after the two companies informed the Commission they were abandoning the deal. WorldCom, now MCI, appealed the decision to avoid a bad precedent in future transactions. Read the court's judgment and a press release [PDF] summarizing the decision. MCI has this press release reacting to the decision. Reuters has more. JURIST's Paper Chase has background on the case.