📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Microsoft appeals against UK block on Activision Blizzard deal

Published 05/24/2023, 12:29 PM
Updated 05/24/2023, 05:32 PM
© Reuters. FILE PHOTO: Smartphone is seen in front of Microsoft logo displayed in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
MSFT
-
ATVI
-

LONDON (Reuters) -Microsoft filed an appeal on Wednesday of Britain's decision to block its $69 billion takeover of "Call of Duty" maker Activision Blizzard (NASDAQ:ATVI), a company spokesperson said.

The Competition and Markets Authority (CMA), Britain's antitrust regulator, vetoed the deal in April, saying it could hurt competition in the nascent cloud gaming market.

Microsoft (NASDAQ:MSFT) lodged its promised appeal with the Competition Appeal Tribunal (CAT), which handles appeals against CMA rulings, on Wednesday, the deadline for it to file. A spokesperson for the CAT declined to comment

"We can confirm we have filed our appeal," Microsoft communications director Robin Koch said.

The CMA's shock decision to block the biggest ever deal in gaming drew a furious response from both companies, with Microsoft saying it had shaken confidence in Britain as a destination for tech businesses.

The EU's competition authorities approved the deal earlier this month after they accepted remedies put forward by Microsoft that were broadly comparable to those it proposed in the UK.

© Reuters. FILE PHOTO: Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard's games characters in this illustration taken January 18, 2022. REUTERS/Dado Ruvic

Microsoft has also appealed the U.S. Federal Trade Commission's action seeking to block the deal on the grounds that, the agency said, it would suppress competition.

The CAT makes a judgment on the merits of the CMA decision. The appeal is not an opportunity for Microsoft to submit new remedies.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.