August 10, 2018 / 11:20 AM / 10 days ago

Hutchison offers concessions to ease EU concerns about Wind Tre deal

BRUSSELS (Reuters) - CK Hutchison (0001.HK) has offered concessions to address EU antitrust concerns about its 2.45-billion-euro ($2.8 billion) buyout of its partner Veon’s (VON.AS) stake in Italian mobile operator Wind Tre, the European Commission said on Friday.

FILE PHOTO: The company logo of CK Hutchison Holdings is displayed at a news conference in Hong Kong, China March 17, 2016. REUTERS/Bobby Yip/File Photo

The acquisition, announced in July, will consolidate Hutchison’s ownership of one of Italy’s top three mobile providers which include Telecom Italia Mobile (TLIT.MI) and Vodafone (VOD.L).

For loss-making Amsterdam-based telecoms group Veon, formerly known as VimpelCom, the sale marks its exit from western Europe.

Hutchison submitted its offer on Aug. 9, a filing on the EU competition website showed on Friday, without providing details. It set a new deadline of Aug. 31 to decide whether to clear the deal.

Regulators looking for concessions in such mergers typically require asset sales or pledges from companies that they will allow rivals access to networks or services under certain conditions.

($1 = 0.8715 euros)

Reporting by Foo Yun Chee; editing by Jason Neely

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