Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

EU regulators extend Telefonica, E-Plus deal to July 3

Published 19/05/2014, 14:51
TEF
-
KPN
-
O2Dn
-

BRUSSELS (Reuters) - European Union antitrust regulators will decide by July 3 whether to clear Telefonica's (MC:TEF) 8.6-billion-euro (7.01 billion pound) offer for KPN's (AS:KPN) German arm, extending the deadline for what they called procedural reasons.

The bid by Europe's biggest telecoms operator by revenue for E-Plus has triggered scrutiny from the European Commission as it will reduce the number of players in Europe's largest market from four to three.

But Telefonica Deutschland (DE:O2Dn) spokesman Albert Fetsch said the extended deadline was normal and did not signify problems with the EU competition authority.

"The minor delay is normal in such processes with complex negotiations," he said.

Commission spokesman for competition policy Antoine Colombani confirmed the new deadline.

Telefonica, which sweetened its offer of concessions earlier this month, is now talking to several German mobile virtual network operators looking to take the place of E-Plus and allay regulatory concerns.

(Reporting by Foo Yun Chee, editing by Louise Heavens)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.