Seagram Gets U.S. OK to Buy PolyGram

Federal regulators have given Seagram Co. the green light to acquire European music giant PolyGram in a $10.4-billion transaction that would create the world’s largest record corporation. Seagram and Philips Electronics, the Dutch conglomerate that owns 75% of PolyGram, said this week that the 30-day waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act expired without a request for additional data from the Federal Trade Commission--a clear signal that U.S. officials won’t oppose the deal. The transaction still must be approved by European regulators.