EC objects to Telefonica's purchase of KPN's German ops

|About: Telefonica S.A. (TEF)|By:, SA News Editor

The European Commission is unhappy with Telefonica's (TEF) €8.6B ($11.83B) purchase of KPN's (KKPNF) German unit in its current form, Reuters reports.

The EC's objections could mean that Telefonica will have to make concessions to gain the regulator's approval.

The EC started an inquiry into the deal in December, saying it was concerned that the acquisition would lead to a fall in competition in Germany and to higher prices.