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Swisscom AG - Bern-based telecommunications provider - Says Italian Competition Authority announced on Wednesday that it opened a phase 2 in-depth investigation into Swisscom’s acquisition of Vodafone Italia from Vodafone Group PLC. The €8 billion deal, announced in March, was approved by the Italian Council of Ministers in May. Swisscom says phase 2 reviews ‘are not uncommon in the telecommunications sector’ and it ‘remains convinced that the transaction is pro-competitive’. Says it will ‘work closely and constructively with the [regulator] to secure a timely clearance’. Adds that the Vodafone Italia purchase remains on track for completion in early 2025. Notes ‘unconditional approval’ from Council of Ministers, and from the Swiss Competition Commission, although the deal remains subject to further regulatory approvals. Swisscom current stock price: fr.547.00 12-month change: up 0.8% Vodafone current stock price: 76.58 pence 12-month change: down 1.0% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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