On Air Now

Listen

Listen Live Now » 92.5 FM Sioux Falls, SD

Weather

Current Conditions(Sioux Falls,SD 57104)

More Weather »
77° Feels Like: 79°
Wind: N 7 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Isolated Thunderstorms 90°

Tonight

Mostly Clear 66°

Tomorrow

Mostly Sunny 88°

Alerts

EU likely to open probe into Hutchison, Telefonica deal: sources

The logo of Hutchison Whampoa Ltd is displayed at one of the company's office towers in Hong Kong August 1, 2013. REUTERS/Bobby Yip
The logo of Hutchison Whampoa Ltd is displayed at one of the company's office towers in Hong Kong August 1, 2013. REUTERS/Bobby Yip

BRUSSELS (Reuters) - EU antitrust regulators are set to open a lengthy investigation into Hutchison Whampoa's bid for Telefonica's Irish unit unless Hutchison offers concessions to sooth competition concerns, two people familiar with the matter said on Wednesday.

Hong Kong-based Hutchison Whampoa, controlled by Asia's richest man Li Ka Shing, announced the 780-million-euro ($1.07 billion) offer for Telefonica's 02 Ireland unit in June, its latest deal to build up a presence in Europe.

The European Commission, which is now taking a preliminary look into the deal, expressed concerns about the deal to Hutchison officials at a meeting on Tuesday, the sources said.

"Concerns were expressed at the state of play meeting," one of the people said.

Hutchison has until November 6 to offer concessions. Failure to do so will trigger an in-depth investigation that could take up to five months.

(Reporting by Foo Yun Chee; editing by Barbara Lewis)

Comments