On 10 June 2024, the European Commission announced that it had opened an in-depth investigation to assess, under the Foreign Subsidies Regulation (FSR), the proposed acquisition by UAE state controlled Emirates Telecommunications Group Company PJSC (e&) of sole control of Czechia-based PPF Telecom Group B.V. (PPF), excluding its Czech business.
This investigation will be of interest to any non-EU organisation seeking to make an acquisition in the EU and any target where either party has received a non-EU subsidy in the previous three years.
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