Nokia’s close scrutiny by the European Commission continues, as the company’s pending acquisition of NAVTEQ comes under further review in Phase II of the pre-purchase inquiry.  Nokia is keen to point out that the review process does not necessarily suggest that the Commission will oppose the buy-out, which has otherwise received all other necessary regulatory approvals.

“We have engaged in an open and constructive dialogue with the Commission in order to find agreement on the acquisition of NAVTEQ. We have listened to the Commission’s concerns, and look forward to finding a common understanding that will enable the transaction to be closed” Rick Simonson, Executive Vice President and Chief Financial Officer, Nokia

The Commission now has 90 working days to make a final decision on the transaction.  However, the review period may be extended to 125 working days under certain circumstances.  The completion of the acquisition is subject to the receipt of European regulatory approval. 

[via MobileBurn]