EU extends deadline for a decision on Telefónica-KPN deal
14 May 2014 |
EU anti-trust regulators have extended the deadline for a final decision on Telefónica’s proposed takeover of KPN’s German unit.
The EU began a review of Telefónica’s €8.55 billion bid for KPN’s E-Plus in December last year. The review has been extended until June 26 after receiving additional data from the Spanish telecoms operator.
The deal received approval from América Móvil’s Carlos Slim – a major KPN shareholder – in August last year, and Telefónica requested EU approval in December 2014.
The operator has agreed to concessions in a bid to address concerns that the deal would reduce competition in the German market. Approval of Telefónica’s bid would reduce the number of mobile operators in Germany from four to three, placing Telefónica in strong competition with rival operators Deutsche Telekom and Vodafone.
“Since Telefónica supplied the information requested, the clock has restarted on 8 May. The deadline for the Commission to take a decision in this investigation is now 26 June,” said Antoine Colombani, the European Commission’s spokesman for competition policy.
Sources have reported that the concessions include giving Wifi hotspots to rivals. The company also pledged to increase the maximum capacity that it will offer to its competitors from 20% to 30%.
Last week the European Commission launched a more in-depth review of Liberty Global’s $6.8 billion takeover bid for Dutch cable operator Ziggo. Regulators fear that the proposed tie-up could impact competition in Europe.
23h | Jason McGee-Abe
23h | Alan Burkitt-Gray
17 August 2018 | Natalie Bannerman
17 August 2018 | Alan Burkitt-Gray