The European Commission has extended the deadline for its decision on car navigation device maker TomTom’s planned merger with Tele Atlas by 10 working days to 21 May.
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According to the Reuters news agency, Netherlands-based TomTom said it remained confident that the talks with the commission, the European Union’s top competition authority, “will lead to clearance of the proposed transaction”.
Commission spokesman Jonathan Todd told Reuters the date had been extended from 5 May. The parties involved agreed the move “would be useful”, he said.
TomTom had earlier said it had extended the period for its recommended cash offer for all shares of Tele Atlas until 1300 GMT on 30 May, the report added.
“The outcome of discussions with the European Commission on obtaining clearance for the proposed acquisition … will not be completed prior to 31 March, 2008, the end of the current accepted period,” a company statement said, according to Reuters.
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