Britain's competition regulator has blocked Sainsbury's proposed 7.3 b...
LONDON - Britain’s competition regulator has blocked Sainsbury’s proposed 7.3 billion pound takeover of Walmart owned Asda - a huge blow to the supermarket groups who wanted to combine to overtake market leader Tesco.
Sainsbury’s, Walmart and Asda said they had mutually agreed to terminate the transaction, opting not to challenge the CMA’s ruling through the Competition Appeal Tribunal, a specialist judicial body, which could have thrown it back to the CMA. The regulator concluded that the deal would result in a substantial lessening of competition at both a national and local level. It said this would mean shoppers right across the UK would be affected, not just in the areas where Sainsbury’s and Asda stores overlapped.
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UK regulator blocks Sainsbury's merger with Walmart-owned AsdaBritain's competition regulator has blocked Sainsbury's proposed 7.3 billion pound ($9.4 billion) takeover of Walmart owned Asda — a huge blow to the supermarket groups who wanted to combine to overtake market leader Tesco.
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