Seagram announced yesterday that the Canadian Competition Bureau had approved its acquisition by French media giant Vivendi and its pay-TV offshoot, Canal Plus [WAMN: 20-Jun-00].
The green light from CCB is the first of three national regulatory hurdles Seagram must clear before the deal can proceed. The company says the outcome of reviews by the Department of Canadian Heritage and Industry Canada are expected “in due course”.
Meantime, the European Commission has suspended its initial probe into the merger until further information is forthcoming. The special EC panel was originally expected to decide by August 21 whether to approve the $31.43 billion deal or launch a full investigation.
News source: Wall Street Journal