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Tuesday, July 15, 2014

Liberty Global offers concessions for EU approval of Ziggo deal, (NASDAQ: LBTYA)

U.S. cable company Liberty Global has offered concessions to head off European Union regulatory concerns over its proposed bid for Dutch peer Ziggo , the European Commission said on Tuesday. The deal, which values Ziggo and its debt at around 10 billion euros ($13.64 billion), triggered an in-depth investigation by the Commission in May, concerned that it would reduce competition in the Dutch pay TV and telecoms markets.Liberty Global submitted its concessions on Monday, the EU antitrust watchdog's website showed. The Commission is now expected to seek third parties' feedback. The EU deadline for a decision on the deal is Oct. 17.Liberty Global, controlled by billionaire John Malone, is seeking to expand its cable empire in Europe where it makes the bulk of its revenues. Ziggo offers TV, fixed Internet access and fixed telephony services in the Netherlands.($1 = 0.7331 Euros)

Shares of LBTYA remained unchanged at $44.86. In the past year, the shares have traded as low as $37.81 and as high as $46.46. On average, 3785800 shares of LBTYA exchange hands on a given day and today's volume is recorded at 0.