BRUSSELS (Reuters) -EU antitrust regulators have temporarily halted an investigation into Universal Music Group unit Virgin Music Group's $775-million bid for Downtown Music while awaiting requested
EU Regulators Pause Investigation into Universal Music's Downtown Acquisition
BRUSSELS (Reuters) -EU antitrust regulators have temporarily halted an investigation into Universal Music Group unit Virgin Music Group's $775-million bid for Downtown Music while awaiting requested information, the European Commission said on Thursday.
The EU competition enforcer has been investigating the deal on concerns that it may hamper competition and remove an important competitor. Independent labels have criticised the acquisition and even called for it to be blocked.
The Commission said it had stopped the clock on Sept. 2.
"The 'clock' in merger investigations can be suspended if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them (for its competition assessment) within a prescribed deadline," a Commission spokesperson said.
The previous deadline for an EU decision in the case was Dec. 10. A new deadline will be set once the investigation resumes.
(Reporting by Foo Yun Chee; editing by Mark Heinrich)
