Universal Music Group has submitted its package of divestments to the European Commission in a bid to push its proposed £1.2bn acquisition of EMI Music past regulators.
UMG issued a statement confirming the submission as well expressing confidence that the deal will go through, believing that “the package fully addresses the Commission’s concerns.”
The full statement is as follows:
"Universal Music Group has submitted a package of remedies to the European Commission relating to its proposed acquisition of EMI Recorded Music. We believe the package fully addresses the Commission’s concerns and follows our constructive discussions with regulators, independent labels and competitors. We look forward to working further with the Commission and are confident of receiving clearance.”
The latest whispers surrounding the UMG/EMI concessions suggested that BMG Rights Management could buy EMI’s Parlophone from Universal.