Hutchison has notified the European Commission (EC) of its proposed takeover of Orange Austria, thereby starting the clock for the first phase of the antitrust review.
The EC initially has until 15 June to come to a decision.
Under EC regulation, the…
Hutchison has notified the European Commission (EC) of its proposed takeover of Orange Austria, thereby starting the clock for the first phase of the antitrust review.
The EC initially has until 15 June to come to a decision.
Under EC regulation, the merger could receive unconditional clearance by 15 June, or be referred to an in-depth phase II investigation, which would give the Brussels based regulator an additional 90 working days to scrutinise the deal.
A third alternative is a rather minor delay of the phase I investigation. This would be the case if Hutchison offers commitments during this part of the investigation to address competition concerns. Such a move would automatically result in a 10 working day extension of the investigation.
The EC can also stop the clock anytime during an investigation if further information is required to assess the proposed transaction.
Meanwhile the filing with Austrian regulator BWB, which will separately investigate the sale of a number of Orange Austria assets including the YESSS! brand to Telekom Austria, is yet to come.
In order to co-ordinate the timing of the Austrian and the EU decision, the companies are holding back the filing in Austria, Hutchison said in a statement.
TelecomFinance was told that a filing is two to three weeks away.
This would imply that the companies are already factoring in a certain delay of the phase I review in Brussels, given that the Austrian BWB will have four weeks for its own decision, once official notification has been made.
Hutchison said it remains hopeful to receive a positive decision by mid-year.
