The EU's antitrust chief reiterated on Monday that the proposed merger of Deutsche Börse and NYSE Euronext is likely to face a lengthy regulatory review that could take until the end of the year.
The European Commission is currently assessing the $9 billion deal and has set an August 4 deadline for the preliminary review.
"Probably we will need phase two, as I announced months ago. We will continue working until the end of this year", EU Competition Commissioner, Joaquin Almunia, told a news conference.
A phase two review could take an additional 90 to 105 working days.
Almunia said in March he expected to take a long, hard look at the takeover, as it was a complex case.
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