VIVENDI-SEAGRAM DEAL
GETS AN EXTENSION
From Oct. 2 To Oct. 13
In an effort to win clearance of their proposed $34 billion merger, Vivendi, Canal Plus and Seagram have offered concessions to the European Commission. And in Pavlovian fashion, the EC has rewarded the companies with an extension of the original Oct. 2 deadline.
"They've offered us concessions and so we've extended the deadline from Oct. 2 to Oct. 13," said commission spokeswoman Amelia Torres.
No details were given on just what the concessions might be.
The commission was originally scheduled to rule on the Vivendi-Seagram merger on Aug. 21, but stopped the review process on Aug. 9, saying it needed more information from the companies. The commission now has until Oct. 13 to decide whether to clear the deal or open an in-depth four-month probe into the merger.
The 11-day extension has been called a normal procedure under European Union rules if the companies offer potential solutions to competition problems the commission identifies.
The Vivendi-Seagram merger has already received approval from Canada's Competition Bureau and, according to Seagram officials, implicit approval of the Federal Trade Commission in the States.
Officials from both companies were unavailable for comment.
