Brussels set to pass review of merger between Liberty Global and Telefonica to CMA
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Brussels will cede authority to the Competitions and Markets Authority to decide whether or not to approve the merger of Liberty Global and Telefonica's business units in the UK.
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It follows a petition from the CMA on 8 October to take over the case due to the impact that the combination of the two could have on Britain after Brexit, which was now just a few weeks ahead.
That was according to a person familiar with the matter cited by Reuters.
The preliminary deadline for a decision from the EU's watchdog, which had declined to comment, was 19 November.
In a joint statement, the two companies said: "We remain in constructive dialogue with all relevant stakeholders at the EU and CMA and continue to work to the timeline of completing the deal mid-next year."
Shares of Liberty Global and Telefonica finished the session up by 3.61% and 3.86%, at $22.4 and €3.5, respectively.