EU regulator objects to Telefonica, KPN deal - sources

BRUSSELS Tue Feb 18, 2014 12:27pm EST

BRUSSELS Feb 18 (Reuters) - The European Union antitrust regulator will in the coming days formally object to Telefonica's proposed 8.6 billion euro ($11.83 billion) bid for KPN's German unit, two people familiar with the matter said on Tuesday.

The European Commission opened an in-depth investigation into the deal in December last year, saying it was concerned the takeover would reduce competition in Europe's largest economy and lead to higher prices for consumers.

"The next step is a statement of objections to the companies," said one of the people, referring to a Commission document which sets out the regulator's demands in order for the deal to be approved. (Reporting by Foo Yun Chee; editing by John O'Donnell)

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