Canal Plus To Challenge Regulator's Withdrawal Of TPS Merger OK - Report
28 September 2011 - 2:22AM
Dow Jones News
French pay-television company Canal Plus, owned by Vivendi SA
(VIV.FR), will challenge the French competition authority's
decision to withdraw approval of an acquisition the company made
five years ago in the country's highest administrative court, Chief
Executive Bertrand Meheut said in an interview with Le Monde
published Tuesday.
France's antitrust regulator Autorite de la Concurrence last
week withdrew its approval of Canal Plus's 2006 acquisition of
smaller rival TPS, saying the company hasn't fulfilled requirements
that were attached to the deal.
The Autorite de la Concurrence has also fined the company EUR30
million for failing to respect some "essential" conditions, and has
ordered it to file a new application within a month to have the
transaction approved.
"We will challenge the decision in front of the Conseil d'Etat.
We will proceed with the notification of the acquisition of TPS
within one month, which is rather surprising as it is an operation
that dates back to 2006, which we will notify under current market
conditions," Meheut told the paper.
Newspaper Web site: http://www.lemonde.fr
-By Paris Bureau, Dow Jones Newswires; 33-1-4017 1740
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