NXP offers concessions in bid for EU approval for Freescale buy: Reuters

(Reuters) — Dutch chipmaker NXP (NXPI.O) has offered concessions in a bid to secure European Union antitrust approval for its planned $11.8 billion takeover of U.S. peer Freescale (FSL.N), the European Commission said on Tuesday.

The EU competition authority did not provide details of the package in line with its policy. Companies typically offer to sell overlapping assets or facilitate the entry of new rivals to head off regulatory concerns.

NXP submitted its offer on July 31, the same day it requested EU approval for the deal, suggesting that the company is keen to get clearance during the preliminary review rather than risk an extensive investigation.

The Commission extended its review deadline to Sept. 18 from Sept. 4 following the NXP offer.