Lengthy regulatory processes are putting off US hedge fund Harbinger from taking full ownership of satellite firm Inmarsat (HQ pictured, left), the fund said on Monday. Suspending talks for the time being, Harbinger said the fund “remains interested in acquiring control of Inmarsat and is therefore actively considering whether to pursue the relevant regulatory and competition approvals in order to be able to make an offer for Inmarsat in the future.”

That “future” could be some time away, with regulatory approval in the US an often painfully slow business. Any takeover would need approval from the Federal Communications Commission. Harbinger said it could be as much as 18 months before all necessary approvals were granted.

The company added: "Assuming there is an acceptable conclusion to the regulatory approval process Harbinger would intend to re-enter into discussions with the board of Inmarsat regarding the terms of an offer and endeavour to seek a recommendation from the Inmarsat board at that time."

But Inmarsat told a slightly different story, saying in a statement that there was no offer for the company on the table, nor even a potential offer price.

“The board of Inmarsat has therefore concluded that there is no merit in continuing discussions at this time,” the company said. "The board remains focused on delivering value to shareholders as a whole and open to any future proposals or cooperation with Harbinger, which will continue to be evaluated in this context."

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