E' più di un anno che le due aziende attendono il parere delle autorità su una proposta di fusione fatta nel febbraio del 2007. Ora la stessa proposta è stata prolungata fino al primo maggio. Entrambi i titoli hanno reagito positivamente alla notizia, con un rialzo in borsa.
FCC's Martin Unsure XM-Sirius Decision Will Be Soon
March 20 (Bloomberg) -- Federal Communications Commission Chairman Kevin Martin asked his staff to start drafting documents on the proposed combination of XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc. and said a decision may not come this quarter. The stocks rose.
Martin said he expected the FCC to rule after the U.S. Justice Department makes its decision. He commented on XM and Sirius, the only two pay-radio broadcasters in the U.S., at a press conference today in Washington.
"I'm not sure we'll make it by the end of the first quarter any longer,'' Martin said. "I've got the staff drafting various options. I haven't figured out what I think we should do on it yet.''
Sirius proposed acquiring its larger rival XM in February 2007 in an all-stock deal valued at $4.22 billion in order to cut costs and reach profitability sooner. Sirius Chief Executive Officer Mel Karmazin said last week he was optimistic the transaction would be approved. Last month XM and Sirius extended the merger agreement until May 1.
The FCC in most cases rules after the Justice Department decides whether a proposed merger is anti-competitive.
"I still think the commission will act on it after the Department of Justice acts,'' Martin said. "If there's a need for us to go forward, then we'll go forward quickly after that.''
Sirius and XM both rose in Nasdaq trading after regular market hours. Sirius gained 6.9 percent to $3.10 after rising 11 cents to $2.90 at 4 p.m. New York time. XM gained 7.3 percent to $12.82 after increasing 72 cents to $11.94 in regular trading.