Sepura and Hytera stumbling over European regulators

Josh White Sharecast | 13 Feb, 2017 16:02 | | |

pound, sterling, pounds
  • 12.50
  • -8.26%-1.12
  • Max: 13.75
  • Min: 12.50
  • Volume: 587,867
  • MM 200 : n/a
17:17 30/03/17
  • 3,471.04
  • -0.04%-1.41
  • Max: 3,476.96
  • Min: 3,459.98
  • Volume: 0
  • MM 200 : n/a
17:18 30/03/17
  • 1,027.43
  • -0.00%-0.00
  • Max: 1,027.43
  • Min: 1,027.43
  • Volume: 0
  • MM 200 : n/a
17:17 30/03/17
  • 5,402.36
  • -0.06%-3.37
  • Max: 5,411.82
  • Min: 5,395.21
  • Volume: 0
  • MM 200 : n/a
17:30 30/03/17
  • 4,011.01
  • -0.02%-0.79
  • Max: 4,017.26
  • Min: 3,996.06
  • Volume: 0
  • MM 200 : n/a
17:18 30/03/17
  • 4,469.52
  • 0.14%6.05
  • Max: 4,474.39
  • Min: 4,455.27
  • Volume: 0
  • MM 200 : n/a
17:18 30/03/17

Sepura updated the market on the German and Spanish competition approvals currently being sought by Hytera Communications Corporation and Sepura in connection with the acquisition described in the scheme document published by Sepura on 16 January.

The London-listed firm said that, following the announcement of the results of the court meeting and general meeting released on 9 February and the update on the timing for the acquisition, based on Sepura's and Hytera's discussions with the German competition authority , Sepura and Hytera believe it is likely that the authority will initiate a Phase II investigation in respect of the acquisition.

“The length of the Phase II investigation remains unclear at this stage, although it should be noted that the full statutory period for such a process is a further three months, with the German Bundeskartellamt retaining the ability to make further extensions to this period,” its board said in a statement.

Sepura and Hytera said they also made a filing in Spain under the Spanish merger control regime to the National Markets and Competition Commission.

In Spain, the decision of the ongoing Phase I review process was expected on or before 9 March.

“While Hytera and Sepura are continuing to engage with the German Bundeskartellamt and Comisión Nacional de los Mercados y la Competencia, the timing for completion of the antitrust clearance processes remains uncertain.

“As a consequence, there is now material uncertainty as to whether the court hearing to sanction the scheme will be held in early to mid-March, as Sepura and Hytera had previously expected. Increased uncertainty as to timing may also impact Sepura's results for the financial year.”

Sepura said it will announce a further update on timing for completion of the antitrust approvals in due course.

More news

17:15 London close: FTSE's progress dampened by ex-dividends, sterling's rise and Brexit worries

Stocks in London passed through a relatively quiet Thursday, with numerous ex-dividend equities, a stronger sterling and Brexit worries combining to dampen progress heading into the end of the first quarter.

17:11 Sector movers: Industrial engineers, miners jump at quarter-end

Cyclicals were clearly in favour heading into the end of the first quarter, on the back of positive analyst chatter out of some of the top brokers in the world and as prices for most key industrial metals reversed their losses seen in overnight trading.

16:58 FTSE 250 movers: Petra provides the shine; RPC melts

Petra Diamonds shone brightly on the FTSE 250 on Thursday with shares in the company up 9% as it announced a $600m notes issue and refinancing package.

16:39 Friday preview: UK GDP story should remain unchanged

UK national growth figures for the fourth quarter of last year will be the main economic data event on Friday, along with details on the current account and the index of services and house price data from Nationwide.

15:52 Small cap news round-up

Insurance premium finance-focussed finance group Orchard Funding Group announced its unaudited results for the six months to 31 January on Thursday, with the board reporting it lent £31.1m for the period.

15:47 Bank of England could use palm oil in new £20 note

The Bank of England is pondering using palm oil in the production of the new £20 note following criticism from vegans and religious groups after the revamped £5 note was found to contain traces of animal fat.

14:45 Results round-up: International Public Partnerships, Polypipe Group

International Public Partnerships posted its full-year results for the 12 months to 31 December on Thursday, reporting net asset value growth of 24.3% to £1.6bn.

15:44 Broker tips: Morrison, Kingfisher, Ashtead, Admiral

Bank of America Merrill Lynch upgraded Morrison to ‘buy’ from ‘underperform’ and lifted the price target to 275p from 220p.

14:34 Thomas Cook's summer bookings increase with strong demand for Europe

Thomas Cook’s winter programme is closing out as expected although it is seeing some margin pressure in parts of the business due to increased competition.

13:34 Initial US weekly unemployment claims drop 3,000 to 258,000

A key measure of the US jobs market improved slightly during the latest reference week, but still overshot economists' forecasts.