Citigroup has not agreed to extend the deadline for Vivendi’s EMI Music payment, according to new reports, despite whispers suggesting otherwise on Monday.
UMG’s parent company is required to hand over the agreed £1.2 billion fee for EMI Music to current owner Citigroup in September (10 months after the deal was agreed) regardless of whether the takeover has been approved by regulators.
Guardian sources suggested that Vivendi’s deadline had been pushed back to November at the beginning of the week, but New York Post insiders now say that the deadline remains as it was originally agreed.
Universal is currently in talks with the European Commission over a suitable package of divestments, which it hopes will ultimately allay regulators’ competition fears.
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