SpaceX satellite rival set to be fast-tracked by EU Commission

The European Union is aiming to give speedy antitrust approval to a satellite venture seen as the bloc’s answer to SpaceX after intense talks with its partners Leonardo SpA, Airbus SE and Thales SA, Bloomberg reported, citing a person familiar with the matter.

Discussions over the past year have homed in on flagging — and ironing out — any potential competition concerns over the project before it is formally notified for approval. While the companies have yet to file, EU officials expect them to do so in the coming weeks, the person added.

The venture known as Project Bromo has been lauded by European Commission President Ursula von der Leyen as a potential European champion deserving top-level support.

The plan aims to create a company that can help Europe cut its reliance on American satellite providers, such as Elon Musk’s SpaceX.