BRUSSELS (Reuters) -EU antitrust regulators have extended their decision deadline on a $775-million bid by Universal Music Group unit Virgin Music Group for Downtown Music to December 10, after Universal asked for more time, the European Commission website showed. The Commission, which acts as the EU competition enforcer, had originally set a November 26 deadline […]
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EU deadline on Downtown deal extended to December 10 after Universal asks for more time
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BRUSSELS (Reuters) -EU antitrust regulators have extended their decision deadline on a $775-million bid by Universal Music Group unit Virgin Music Group for Downtown Music to December 10, after Universal asked for more time, the European Commission website showed.
The Commission, which acts as the EU competition enforcer, had originally set a November 26 deadline on the deal announced last December.
“The deadline for the Commission to take a decision in this case has been extended by 10 working days following a request from the notifying party,” a Commission spokesperson said in an email.
The European Union antitrust watchdog kicked off a full-scale investigation into the deal last week, warning that it may hamper competition and remove an important competitor, a move likely to put pressure on Universal to offer remedies to address its concerns.
(Reporting by Foo Yun CheeEditing by Rod Nickel)