Hutchison is not expected to offer phase I remedies in the European Commission (EC) investigation of the proposed takeover of O2 Ireland.
As a result the regulator is likely to commence a 90 working day second phase investigation into the €780m…
Hutchison is not expected to offer phase I remedies in the European Commission (EC) investigation of the proposed takeover of O2 Ireland.
As a result the regulator is likely to commence a 90 working day second phase investigation into the €780m merger.
It is understood that Hutchison has not submitted remedies ahead of a deadline expiring later today. It is also not expected to do so before the deadline at midnight tonight Brussels time.
The takeover of O2 Ireland is subject to approval by the European Commission, which initiated its investigation on 1 October.
The first phase of EC merger investigations lasts 25 working days, giving the O2 Ireland/Hutchison review a deadline of 6 November.
At the end of this phase the EC can clear the deal or open a 90 working day in-depth second phase.
Merging companies have until the 20th day of the first stage of the investigation to offer remedies to address competition concerns.
Such a submission pushes the phase I deadline back by 10 working days, but it can in some cases make clearance at the end of that phase more likely.
It is thought that Hutchison does not believe that remedies during phase I would secure early clearance of the transaction. Therefore the telco is thought to have decided against offering remedies and instead go into the second phase of the investigation sooner rather than later.
In the course of the phase II investigation companies again have the opportunity to offer remedies to address competition concerns.
Separately, a person with knowledge of the situation has dismissed reports that Hutchison has discussed the sale of O2’s 50% stake in MVNO Tesco Mobile. The person said that such move had not been considered by the company at this stage.
