Sony BMG Files Appeal Of Merger Annulment
October 5, 2006 at 9:47 AM (PT)
According to REUTERS, SONY BMG has filed an appeal with the LUXEMBOURG-based EUROPEAN COURT OF JUSTICE to review the unexpected ruling last JULY by the COURT OF FIRST INSTANCE -- EUROPE's second-highest court -- when it annulled the previously approved SONY BMG joint venture/merger stating that the EUROPEAN COMMISSION had made errors in law and assessment when it approved the deal.
Now, the EUROPEAN COMMISSION must re-investigate any competition concerns over the tie-up and it may approve or reject it, or ask the companies to suggest remedies to any remaining concerns. The review and court decision could take more than a year.