“The Stockholm county administrative court decided today that the tender offer for the Stockholm metro will not be redone,” Veolia said in a statement.
It said it would consider whether to appeal the ruling to a higher court.
Veolia Transport, which has operated Stockholm’s subway for nine years, lost the €1.9 billion ($2.45 billion) eight-year contract to Hong Kong company MTR on January 20.
The contract, which is due to start on November 2, includes a possible extension for an additional six years.
Stockholm Public Transport (SL) said at the time that MTR had “submitted the best bid from a quality standpoint and that was decisive in this procurement.”
But Veolia appealed the decision, saying MTR’s bid was the most expensive.
“It chose the most expensive of the bidders which will cost taxpayers in Stockholm 2.5 billion kronor ($298 million) and we think that this difference is not justified by the difference in quality with the other offers, including ours,” Veolia chief executive Tomas Wallin told AFP at the time of its appeal.