1650 GMT - The U.K. Competition and Markets Authority's conditional approval of Vodafone U.K.'s merger with Three is a policy turnaround that opens "a new phase of a new bonanza for merger deals," according to Tommaso Valletti, former chief economist for the European Commission's competition department. Valletti, economics professor at Imperial College Business School, warns the deal will eliminate a fierce competitor in an already concentrated telecom sector and ultimately raise prices for consumers. Competition regulators have historically been wary of behavioral commitments that are harder to enforce than divestments. "It's a U-turn compared to the stated policies of the CMA in the recent past. It's a very unprecedented remedy." (edith.hancock@wsj.com)
(END) Dow Jones Newswires
December 06, 2024 11:50 ET (16:50 GMT)
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