Senior European Union officials on Wednesday decided to block CK Hutchison Holding’s multibillion-dollar purchase of Telefónica’s British mobile operator O2, reported the Wall Street Journal.
The decision will pave the way for a formal signoff on the decision by the bloc’s 28 commissioners expected next week, the people said.
Senior technical experts meet to hash out final points of contention among the commission’s various departments before final approval is sought. Once there is a consensus at this level, it is rare for commissioners to overturn it.
The EU has until May 19 to make a final decision on the deal.
The companies had offered commitments to help waive the deal through, but ultimately the remedies couldn’t mollify the EU antitrust regulator’s concerns the merger would lead to higher prices and less choice for UK consumers.
The imminent EU decision represents a tougher attitude by EU regulators toward consolidation among telecom companies in the region, particularly in cases in which the number of operators in a given country shrinks from four to three, as would have been the case with CK Hutchison’s UK deal.
The deal would have joined Hong Kong-based CK Hutchison’s Three U.K., the country’s fourth-largest operator, with Telefónica SA’s O2, the UK’s second-largest mobile operator.
Full Content: The Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Biden Administration Supports Antitrust Suit Against FIFA
Mar 18, 2024 by
CPI
Apple in Talks to Incorporate Google’s Gemini AI Amid Antitrust Scrutiny
Mar 18, 2024 by
CPI
Appeals Court Revives Regeneron’s Antitrust Lawsuit Against Novartis Over Vision Treatment
Mar 18, 2024 by
CPI
Apple Responds to Criticism Over EU’s Digital Markets Act Compliance
Mar 18, 2024 by
CPI
Turkey Imposes Interim Measures on Meta Platforms
Mar 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pricing Algorithms
Feb 28, 2024 by
CPI
Pricing Algorithms and Antitrust Enforcement: Sandboxes to the Rescue?
Feb 28, 2024 by
CPI
AI, Algorithmic Pricing, and Collusion
Feb 28, 2024 by
CPI
Competition & Collusion in a World of Algorithmic Pricing: Antitrust Risks & Enforcement Trends
Feb 28, 2024 by
CPI
Pricing Algorithms in Antitrust’s Sights?
Feb 28, 2024 by
CPI