EU regulators to decide on Apple, Beats deal by July 30

BRUSSELS Wed Jun 25, 2014 3:10pm IST

The Apple logo is pictured on the front of a retail store in the Marina neighborhood in San Francisco, California April 23, 2014. The company is set to announce its first quarter earnings. REUTERS/Robert Galbraith

The Apple logo is pictured on the front of a retail store in the Marina neighborhood in San Francisco, California April 23, 2014. The company is set to announce its first quarter earnings.

Credit: Reuters/Robert Galbraith

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BRUSSELS (Reuters) - European Union antitrust regulators will decide by July 30 whether to clear Apple Inc's $3 billion bid for music streaming and audio equipment company Beats, the European Commission said on Wednesday.

IPhone maker Apple unveiled the deal last month, which will help it catch up in the fast-growing and lucrative music streaming business.

The Commission can either clear the deal unconditionally or demand concessions if it sees competition issues. It can also open an extensive investigation if it has deeper concerns.

(Reporting by Foo Yun Chee; editing by Robin Emmott)

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