French media group Vivendi SA’s (EPA:VIV) is confident it would secure clearance from the European Commission (EC) for its planned USD1.9bn (EUR1.5bn) purchase of British EMI’s recorded-music unit, Vivendi’s CFO Philippe Capron was cited on Thursday by Reuters as saying.
Vivendi, through its US music recording unit Universal Music Group (UMG), agreed last November to buy EMI Music labels from Citigroup Inc (NYSE:C).
The French group, which has been cooperating with the regulators for a long time, is poised to complete the transaction regardless of the remedies it might need to offer to secure the needed approvals, Capron said. Vivendi is committed to this transaction, which it views as beneficial even if it had to dispose of 40% to 60% of EMI’s business in Europe, according to the executive.
In a statement from late July, Universal said that the concessions it had provided to the EC should ease the commission’s competition concerns. The remedies package was submitted after the buyer talked with regulators, independent labels and competitors, Universal has said.
According to reports by Reuters last month, Universal was looking to dispose of EMI Music’s Parlophone label, after previously planning to sell three much smaller EMI music labels namely Virgin, Chrysalis and EMI Classics.
The EC is expected to give its ruling on 6 September.