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Wednesday, June 25, 2014

EU Commission rejects Dutch bid to rule on Liberty, Ziggo deal, (NASDAQ: LBTYA)

The European Commission said on Wednesday it would rule on the proposed takeover of Dutch cable group Ziggo by U.S. peer Liberty Global , rejecting a bid by the Dutch regulator to take charge of the case. The Commission said it took on the case because Liberty Global was also present in other European countries and so a verdict might affect other markets in the 28-member bloc."Under these circumstances the Commission concluded that there were no compelling reasons to depart from the Commission's original jurisdiction and refer the case back to the Netherlands," said the Commission, which acts as the competition watchdog in the European Union.In January, Liberty Global and Ziggo agreed on a deal which valued the Dutch company and its debt at around 10 billion euros ($13.60 billion). ($1 = 0.7355 Euros)

Shares of LBTYA traded higher by 0.63% or $0.27/share to $42.99. In the past year, the shares have traded as low as $36.25 and as high as $46.46. On average, 3599760 shares of LBTYA exchange hands on a given day and today's volume is recorded at 5408364.