Seagram-Polygram deal OK’d

European Commission passes $10.4 bil merger

The European Commission announced Tuesday that it has greenlit Seagram’s $10.4 billion acquisition of PolyGram, the Dutch music and film company.

Seagram believes it will save $300 million annually as a result of the deal, by merging PolyGram’s music operations with its Universal Music subsidiary. The Canadian beverages and entertainment giant hopes to complete the deal by early November, once it has made its final filings to the US SEC.

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