Universal Music parent Vivendi has spoken of its confidence that its £1.2bn bid for EMI Music will be approved by regulators worldwide over the next month - as reports point to a key vote in the EU next week.
Speaking to investors following its H1 FY fiscal report earlier today, chairman of Vivendi's management board Jean-François Dubos said: "For the EMI acquisition, we are confident and expect approval within a few weeks."
Vivendi has a September 9 deadline to UMG pay Citigroup the $1.9bn (£1.2bn) fee to acquire EMI, but D-Day for the European Commission to return a decision has been extended to September 27 - with sources hinting that US regulators are waiting on the EU ruling.
Meanwhile, a new report from BusinessWeek suggests that a "key vote" by European national agencies will commence next week. If positive, it says the EC could OK the deal as soon as September 19.
The deal has already won regulatory approval in Canada, Japan and New Zealand.
Vivendi CFO Phillipe Capron told investors today that Universal's H1 2012 fiscal results were "very encouraging with a very significant increase over the half year".
"It's early days yet, but we feel we're on the way to recovery," he said, adding that although stable sales were up in Euro terms, they were down when currency fluctuations were taken into account.
"Thanks to increased digital sales and impact of a very significant cost cutting executed at the level of Universal Music... this basically stable top line translates into higher operating income," he qualified.
Advertisement
