Sainsbury(J) PLC Statement re. Proposed Merger
April 25 2019 - 2:33AM
Dow Jones News
TIDMSBRY
RNS Number : 0207X
Sainsbury(J) PLC
25 April 2019
25 April 2019
J Sainsbury plc
Statement re proposed merger of J Sainsbury plc and Asda Group
Limited
The Competition and Markets Authority (CMA) has today published
its Final Report on the proposed merger of J Sainsbury plc
(Sainsbury's) and Asda Group Limited (Asda), resulting in
prohibition of the merger. As a result, Sainsbury's, Walmart and
Asda have mutually agreed to terminate the transaction.
Sainsbury's CEO, Mike Coupe, said:
"The specific reason for wanting to merge was to lower prices
for customers. The CMA's conclusion that we would increase prices
post-merger ignores the dynamic and highly competitive nature of
the UK grocery market. The CMA is today effectively taking GBP1
billion out of customers' pockets.
"Sainsbury's is a great business and I am confident in our
strategy. We are focused on offering our customers great quality,
value and service and making shopping with us as convenient as
possible."
For further information please contact:
Investor Relations, J Sainsbury plc
James Collins +44 (0) 7801 813074
Media Relations, J Sainsbury plc
Rebecca Reilly +44 (0) 20 7695 7295
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END
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April 25, 2019 02:18 ET (06:18 GMT)
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