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TomTom NV is confident European
antitrust regulators will approve the Tele Atlas NV takeover. The company
remains committed to the deal, and at the same time refused to offer any
concessions to solve European Union antitrust concerns. The deadline
for the European Commission’s review is still May 21, 2008.
The commitment to the deal
continues to be the same, said Taco Titulaer, spokesman for the company. “We
continue to have a constructive dialogue with authorities and are looking for a
positive outcome,” he also said, adding that during Phase 2 interview, there
will be no discussions of intermediate deadlines.
TomTom, the world’s largest car
navigation equipment producer offered €2.9 billion for Tele Atlas. The Thomson
Financial reported on Thursday that before the Thursday deadline, several
remedies have been taken into consideration, but the European Commission
spokesman Jonathan Todd refused to comment whether any remedies have been
submitted.
Despite the expired deadline,
TomTom’s antitrust remedy can still be submitted to the commission, but the
commission has absolutely no obligation to take it into consideration.
What the commission is most
concerned about is the lack of competition and the possibility of introducing
third parties in both TomTom-Tele Atlas and Nokia-Navteq deals (Navteq provides
GIS data, and as of October 2007, it is the subject of a €5.7 deal with Nokia, a
deal which should be completed in 2008).
TomTom, the Dutch navigation systems manufacturer,
made an initial offer of €2 billion to Tele Atlas in July 2007 and raised the
bid to €2.9 billion by October 2007, when rival Garmin failed to further counterbid.
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