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UMG-EMI Gets EU OK?

UMG-EMI GETS EU OK: Universal Music Group has reportedly secured the backing of EU commissioner Joaquin Almunia for its proposed remedies, clearing the way for it to complete its acquisition of EMI, according to Bloomberg. The proposals now head to national regulators for a vote tomorrow. UMG has offered to sell global rights to Parlophone, Chrysalis and Sanctuary in addition to other concessions already offered in July. The extra remedies could bring the total value of disposals to as much as 350 million euros ($442 million) from an initial estimate of 300 million euros. UMG initially offered to divest 60% of EMI’s European assets, then revised it to include some global rights and new territories based on opinions by third-party peers and EU concerns that the EMI takeover would remove a key rival and block potentially anti-competitive deals. Should national regulators approve the package, the European Commission could rule on the purchase as soon as Sept. 19. (9/6p)

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