Liberty Global, Vodafone win EU conditional approval for Dutch tie-up

Vodafone branding is seen outside a retail store in London November 12, 2013.    REUTERS/Toby Melville/File Photo      TPX IMAGES OF THE DAY      - RTSGNPO

The European Commission authorized a joint venture in the Netherlands between British telecoms firm Vodafone Group Plc (VOD.L) and U.S. cable operator Liberty Global Plc (LBTYA.O) in exchange for concessions.

The EU executive gave its approval, conditional on Vodafone selling its consumer fixed line business in the Netherlands, the Commission said in a statement on Wednesday.

“The divestment offered by Vodafone fully addresses these concerns, allowing the Commission to clear this telecoms merger in Phase I,” the Commission said.

The companies said in a joint statement they welcomed the clearance and had received a number of expressions of interest for the fixed line unit.

Brussels also rejected a request to refer the transaction to the Dutch competition authority.

Reuters exclusively reported the Commission’s decision last week.

Vodafone shares were up 1.1 percent at 229.35 pence at 0245 GMT, while Liberty Global shares were up 1.4 percent at $31.86.

[Source:- Reuters]