EU plans to fast-track antitrust approval of SpaceX rival

Investing.com -- The European Union is working toward fast-track antitrust approval for a satellite joint venture between Leonardo SpA, Airbus SE, and Thales SA, which is positioned as Europe's response to SpaceX, Bloomberg reported on Thursday.

Over the past year, discussions have focused on identifying and resolving potential competition concerns before the project receives formal notification for approval, according to the person who requested anonymity. The companies have not yet filed their application, but EU officials anticipate a submission in the coming weeks, the report said.

The initiative, called Project Bromo, has received praise from European Commission President Ursula von der Leyen as a potential European champion worthy of high-level support. Competition Commissioner Teresa Ribera, who serves as von der Leyen's second-in-command, cautioned that the project would not receive automatic approval from regulators.

The venture seeks to establish a company that would reduce Europe's dependence on American satellite providers, including Elon Musk's SpaceX. The project has faced opposition from unions and suppliers concerned about employment and competition issues. Project Bromo will also serve as one of the first tests of a revised EU merger approach designed to be more supportive of creating regional companies capable of competing with US and Chinese competitors.

For large transactions like Bromo, regulators typically conduct extensive pre-notification discussions to address potential problems. A rapid approval could mean the deal receives clearance after a phase 1 review lasting just over a month if the companies offer remedies such as asset sales. If competition concerns persist, EU regulators can launch an in-depth investigation lasting several months before deciding whether to approve or block mergers.

Last month, von der Leyen referenced Project Bromo as an example of an industrial champion Europe requires to lead in the future space economy. Her statements drew criticism from some lawmakers in the bloc's parliament.

SpaceX shares were trading roughly 3.2% lower on Thursday at the time of the

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