EU regulators halt LSE-Refinitiv review, await data
Friday 17 July 2020
London Stock Exchange Group's planned $27 billion takeover of Refinitiv faces further delays after EU anti-trust regulators stopped the clock running on their review.
No reason for the temporary delay was given in an EU filing. Such delays are becoming routine for big or complex deals. They often give regulators time to seek missing or additional information about transactions.
The halt took effect on 13 July, the European Commission said on Friday.
“This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them,” the EU competition executive said.
“Once the missing information is supplied by the parties, the clock is re-started and the deadline for the Commission’s decision is then adjusted accordingly.”
Such pauses are common in the EU merger process but have become more frequent in recent months due to the coronavirus pandemic as companies struggle to gather details from their staff or suppliers. ■