Jumat, 08 Juni 2012

Universal's EMI bid faces concerns of EU competition officials

Universal's EMI bid faces concerns of EU competition officials

By Rob Davies

PUBLISHED: 16:12 EST, 8 June 2012 | UPDATED: 16:12 EST, 8 June 2012

EU competition officials are to publish a list of concerns about Universal’s £1.2billion takeover of record label EMI.

Competition commissioner Joaquin Almunia is considering the impact of a deal that would see EMI’s catalogue, including acts such as The Beatles and Coldplay, brought into the Universal fold.

Opponents of the takeover say Universal would wield too much power with the high market share it would hold.

Concern: EU competition officials fear Universal would wield too much power by acquiring EMI, which owns rights for The Beatles

Concern: EU competition officials fear Universal would wield too much power by acquiring EMI, which owns rights for The Beatles

Universal, whose French parent firm Vivendi is thought to be considering a break-up to resolve its financial difficulties, said the ‘statement of objections’ from Brussels was a formality.

The firm said it was part of the ‘usual due process when considering mergers and is expected’.

They said they would prepare a detailed response that would allay the concerns of regulators over the impact on the European music scene.

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