U.K. Competition Watchdog Launches Formal Investigation Into Sainsbury, Asda Merger
August 23 2018 - 7:02AM
Dow Jones News
By Maryam Cockar
The U.K. competition regulator has launched a formal
investigation into the proposed merger between J Sainsbury PLC
(SBRY.LN) and Asda Group Ltd.
The Competition & Markets Authority said Thursday that it
will begin the first phase of its investigation to asses how the
deal could affect competition for U.K. shoppers.
The regulator said that Sainsbury and Asda have asked the CMA to
move more quickly to the in-depth second phase of the inquiry
through a "fast-track" process and it expects to accept this
request unless it receives any valid objections.
On April 30, Walmart Inc. (WMT) said it will sell its U.K.
business, Asda, to Sainsbury in a deal worth 7.30 billion pounds
($9.4 billion).
At 1024 GMT, Sainsbury shares were down 0.5% at 1.80 pence.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
August 23, 2018 06:47 ET (10:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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