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CMA Seeks Additional Three/Vodafone Remedies

COMMUNICATIONS


Credit negative to the extent that Vodafone had appeared confident in recent months that no material remedies would be required for the UK merger given it’s a combination of the #3 and #4 mobile operators though the CMA has prior form in resisting consolidation (i.e. Telefonica/Three) and additional remedies were likely baked into market assumptions. A spectrum agreement with VMO2 was already offered which had allegedly addressed the latter’s voiced issues though clearly the CMA is still unconvinced.

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Credit negative to the extent that Vodafone had appeared confident in recent months that no material remedies would be required for the UK merger given it’s a combination of the #3 and #4 mobile operators though the CMA has prior form in resisting consolidation (i.e. Telefonica/Three) and additional remedies were likely baked into market assumptions. A spectrum agreement with VMO2 was already offered which had allegedly addressed the latter’s voiced issues though clearly the CMA is still unconvinced.

Keep reading...Show less