A Formal Complaint In Europe Is Filed Over UMG/EMI Deal
June 8, 2012 at 5:26 AM (PT)
A formal antitrust complaint will be lodged by EUROPEAN regulators regarding UNIVERSAL MUSIC GROUP's bid for EMI GROUP's recorded-music business. BUSINESSWEEK reports "THE EUROPEAN COMMISSION is preparing to send a so-called statement of objections listing possible problems with the deal, an EU official said TODAY, speaking on condition of anonymity because the process isn't public.
Regulators have a SEPTEMBER 6th deadline to rule on the bid by VIVENDI SA’s UNIVERSAL, which they have said would create a company 'almost twice the size of the next largest player' in EUROPE. UNIVERSAL may not be 'sufficiently constrained' by smaller rivals, customers' buying power or illegal music downloads, the E.U. said when it opened an in-depth probe in MARCH."
E.U. Competition Commissioner JOAQUIN ALMUNIA was quoted by BLOOMBERG as saying he's "getting ready to move to the next stage in his review of the UNIVERSAL bid."