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EU delays ruling on Universal Music Group's bid for BMG until June 1

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bertelsmann.jpgBRUSSELS, Belgium: EU antitrust regulators on Thursday delayed until June 1 a deadline to rule on Universal Music Group's plans to buy BMG Music Publishing for about US$2.09 billion (€1.63 billion).

 

They did not say why they needed more time to look at the takeover. If approved, the deal would combine the No. 3 and No. 4 music publishing catalogs, giving them a 22 percent market share and scraping ahead of current market leader EMI.

 

European Union approval is the last hurdle for the deal, which was cleared in November by the Federal Trade Commission and the Justice Department in the United States. Officials had said they would issue a final decision on whether to block or allow the deal by April 27 when they opened an in-depth investigation last month.

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