EU looks hard at Nokia's Navteq buy

EU looks hard at Nokia's Navteq buy

Commission starts review of proposed acquisition

The European Commission has begun a careful examination of Nokia's proposed acquisition of mapping firm Navteq.

The $8.1bn deal would give Nokia control over the world's largest mapmaker. Nokia plans to use the purchase as the foundation for its web services portfolio.

Both companies remain confident that the deal will ultimately be approved.

"Navteq remains enthusiastic about the pending acquisition by Nokia and the potential benefits to all our customers," said Navteq president and chief executive Judson Green.

"We will continue to provide any support we can in Nokia's ongoing discussions with the European Commission."

Rick Siminson, Nokia's chief financial officer, said in a statement that the company has been actively negotiating with the Commission to fine tune the deal and earn its approval.

"We have listened to the Commission's concerns, and look forward to finding a common understanding that will enable the transaction to be closed," he said.

The Commission will have 90 days to rule on the acquisition or issue an additional 35-day review extension.