AT&T Inc’s (NYSE:T) planned US$85.4bn takeover of Time Warner Inc (NYSE:TWX) has been given the green light by the European Commission but US President Donald Trump is still reportedly against the deal.
The wireless carrier said it expects the merger to close by the end of the year, subject to approval from the US Department of Justice.
Bob Quinn, head of external and legislative affairs at AT&T, said: “This is an important approval from a highly respected authority. The global clearance process is on track and we look forward to creating a company that will lead the next wave of innovation in the media and telecommunications industries.”
Trump said that he opposed the merger during his election campaign as he believed it would concentrate too much power in the media industry.
In January Bloomberg reported that Trump’s view hadn’t changed, citing people close to the president. At the time, however, the news site said it remained unclear whether Trump would try to influence the regulatory review of the merger.
The US Federal Communications Commission last month said it does not expect to review the deal.
Shares in AT&T rose 0.33% to $42.23 while shares in Time Warner climbed 0.13% to $98.49 in early US trading.
Story by ProactiveInvestors