👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

EU regulators extend Hutchison, Vimpelcom deal probe by a week

Published 21/04/2016, 11:30
© Reuters. The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong
TLIT
-
VOD
-
0001
-
VEON
-

BRUSSELS - European Union antitrust regulators have extended their investigation into a plan by CK Hutchison Holdings (HK:0001) and Vimpelcom (O:VIP) to merge their Italian mobile businesses after the companies asked for more time.

The European Commission said it would now decide by Aug. 18 instead of Aug. 10 whether to clear the 21.8 billion euro (17.11 billion pound) deal, which would create a stronger player to Telecom Italia (MI:TLIT) and Vodafone (L:VOD).

The deal faces stringent scrutiny because it would reduce the number of Italian mobile network operators to three from four. Hutchison is already facing an uphill battle to get EU approval for a similar four-to-three acquisition in the UK.

"The deadline was extended at the parties' request, as allowed for by the Merger Regulation," Commission spokesman Ricardo Cardoso said in an email.

© Reuters. The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong

The EU competition enforcer opened a full-scale investigation into the Italian deal last month, concerned that this could result in higher prices and fewer choices for consumers.

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.