Fresh M&A blow for telcos as Three/O2 審議 再開するd
By Foo Yun Chee
BRUSSELS, July 13 (Reuters) - European telecoms companies 直面するd fresh regulatory 不確定 on Thursday after the EU's 最高の，を越す 法廷，裁判所 scrapped a lower 法廷's 決定／判定勝ち（する） to life a 拒否権 on Three UK's 13-billion-続けざまに猛撃する ($16.9 billion) 企て，努力，提案 for O2 seven years ago, 特記する／引用するing 合法的な errors.
The 事例／患者 is closely watched by the telecoms 産業 as, although the 取引，協定 has lapsed, its 是認 could make it easier for companies to (1)偽造する／(2)徐々に進む 合併s that 減ずる the number of 動きやすい players in a country.
Orange and MasMovil's planned 合併 of their Spanish 操作／手術s, 現在／一般に 存在 調査／捜査するd by the EU 競争 enforcer, is one such 取引，協定.
Three UK owner Hutchison is also trying to do the same, after last month agreeing a 15 billion 続けざまに猛撃する 合併 of Three UK with Vodafone's UK 商売／仕事 - a 取引，協定 始める，決める to be closely 診察するd by British regulators.
支援する in 2016, retired 億万長者 Li Ka-shing's Hutchinson 複合的な／複合企業体 had 目的（とする）d to become Britain's biggest 動きやすい telecoms 網状組織 操作者 by 連合させるing Three UK with Telefonica's O2 to better compete against BT's EE and Vodafone, but it ran into 対立 from EU regulators.
EU 独占禁止の enforcers said that 取引，協定, which would have 減ずるd the number of UK 動きやすい players from four to three, could 押し進める up prices. Hutchison subsequently challenged the EU 拒否権.
The General 法廷，裁判所 in its 2020 判決，裁定 annulled the EU 決定／判定勝ち（する）, raising the 妨げる／法廷，弁護士業 for regulators to 封鎖する 合併s that 妨げる 競争 and 誘発するing the European （売買）手数料，委託（する）／委員会／権限 to 控訴，上告 to the Luxembourg-based 法廷，裁判所 of 司法（官） of the European Union (CJEU).
The CJEU on Thursday scrapped the General 法廷，裁判所 判決，裁定 and sent the 事例／患者 支援する to the lower 法廷.
"The General 法廷，裁判所 must 支配する once more on the lawfulness of the （売買）手数料，委託（する）／委員会／権限's 禁止 of the 取得／買収 of Telefonica Europe (O2) by Hutchison 3G UK (Three)," CJEU 裁判官s said.
"The General 法廷，裁判所 適用するd a 基準 of proof which does not follow from the 合併 規則, as 解釈する／通訳するd by the 法廷，裁判所 of 司法（官）, and thus made an error in 法律."
The CJEU also faulted the 法廷 for distorting the （売買）手数料，委託（する）／委員会／権限's 決定／判定勝ち（する） in several 面s.
EU 独占禁止の 長，指導者 Margrethe Vestager 強調するd the importance of the 事例／患者, 説 "this judgment goes far beyond the 明確な／細部 circumstances and 動きやすい communications 部門 影響する／感情d by the （売買）手数料，委託（する）／委員会／権限's 決定／判定勝ち（する）".
"全体にわたる, today's judgment 実証するs our approach to 合併 査定／評価 under the EU 合併 規則," she said in a 声明 as she 選び出す／独身d out 取引，協定s that 誘発する／引き起こす 競争 関心s even if these do not create or 増強する a company's dominance.
Moody's said the 判決，裁定 was credit 消極的な for the telecoms 産業 as it 示唆するs no change in the EU regulator's 堅い line.
"This means there is likely to be continued 激しい 競争 の中で 操作者s, 特に in markets with four 動きやすい 操作者s, 減ずるing pricing 力／強力にする and 重さを計るing on credit 質," the credit ratings 機関 said in a 公式文書，認める.
Telecoms ロビーing group ETNO, whose members 含む Deutsche Telekom, Orange and Telecom Italia, lamented Thursday's 判決，裁定.
"欠如（する） of 規模 in telecoms remains a major 戦略の 証拠不十分 for the EU. Either we 演説（する）／住所 it, or Europe will lose out to others in the race to 網状組織 virtualization," ETNO Director General Lise Fuhr said in a 声明.
The judgment means a return to the status quo 事前の to the General 法廷，裁判所's 2020 判決，裁定, said Assimakis Kom ninos, a partner at White & 事例／患者.
"The judgment was to be 推定する／予想するd. It makes life easier for the （売買）手数料，委託（する）／委員会／権限. The General 法廷，裁判所 went a bit too far in its 基準 of proof 要求するd from the （売買）手数料，委託（する）／委員会／権限. This brings the 明言する／公表する of 事柄 支援する to normal," he said.
"The CJEU though didn´t give the （売買）手数料，委託（する）／委員会／権限 carte blanche either. It is a corrective 判決，裁定, based on 原則s of 有効性. It is certainly not a 災害 for 合併するing parties," Komninos said.
The 事例／患者 is C-376/20 P （売買）手数料，委託（する）／委員会／権限 v CK Telecoms UK 投資s.
($1 = 0.7676 続けざまに猛撃するs) (報告（する）／憶測ing by Foo Yun Chee and Bart Meijer Editing by 示す Potter and David Evans)
