The European Commission has requested additions to Universal's initial package of proposed divestments if it is to approve the company's £1.2bn acquisition of EMI Music, according to reports.
Universal’s initial bid to win EC approval for the deal is reported to have contained a concessions package including the sale of Virgin Records from EMI along with EMI Classics and smaller chunks of music catalogues.
But The Guardian suggests that the EC requires further divestments in order to approve the deal.
When Universal agreed to buy EMI in November last year, UMG parent company Vivendi agreed to pay EMI owner Citigroup the £1.2bn price tag 10 months after the agreement regardless of whether or not it had won regulatory approval.
That deadline sits at mid-September although The Guardian also suggests that payment from Vivendi could be delayed if negotiations in Europe were close to a conclusion.
Advertisement
