TomTom says committed to Tele Atlas takeover
AMSTERDAM, April 11 - TomTom (TOM2.AS: Quote, Profile, Research, Stock Buzz) is committed to its 2.9 billion euros ($4.6 billion) buyout of digital map maker Tele Atlas (TA.AS: Quote, Profile, Research, Stock Buzz), adding on Friday that it was looking for a "positive outcome" from talks with European antitrust regulators.
Tele Atlas shares reversed a 5 percent gain on a Thomson Financial News report that the European Commission would not seek harsh remedies for TomTom's proposed merger with Tele Atlas, but traders in Amsterdam said there was doubt about the EU review process, sending Tele Atlas shares sharply lower.
Tele Atlas was trading down 10.6 percent at 22.85 in volatile trade at 4:40 a.m. EDT.
"There is no change in TomTom's commitment to the deal," TomTom spokesman Taco Titulaer said.
"We continue to have a constructive dialogue with authorities and are looking for a positive outcome," Titulaer added. "We will not discuss intermediate deadlines during the phase 2 review."
(Reporting by Reed Stevenson)
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