This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-48048596
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Sainsbury's-Asda merger blocked by regulator | Sainsbury's-Asda merger blocked by regulator |
| (32 minutes later) | |
| The proposed merger between Sainsbury's and Asda has been blocked by the UK's competition watchdog. | The proposed merger between Sainsbury's and Asda has been blocked by the UK's competition watchdog. |
| The Competition and Markets Authority (CMA) said it should not go ahead because it would raise prices for consumers. | The Competition and Markets Authority (CMA) said it should not go ahead because it would raise prices for consumers. |
| The CMA said it wanted to "protect the millions of people who shop at Sainsbury's and Asda every week". | The CMA said it wanted to "protect the millions of people who shop at Sainsbury's and Asda every week". |
| Sainsbury's said it would not appeal against the decision. | Sainsbury's said it would not appeal against the decision. |
| The supermarket's chief executive, Mike Coupe, said: "The CMA's conclusion that we would increase prices post-merger ignores the dynamic and highly competitive nature of the UK grocery market. | The supermarket's chief executive, Mike Coupe, said: "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 £1 billion out of customers' pockets." | "The CMA is today effectively taking £1 billion out of customers' pockets." |
| The deal would have created the UK's biggest supermarket chain, accounting for £1 in every £3 spent on groceries. | |
| Sainsbury's and Asda had also offered to sell between 125 and 150 of their supermarkets to allow the merger to proceed, along with some petrol stations and convenience stores. | |
| But the CMA, which had previously raised concerns about the deal, said the merger would lessen competition at both a national and local level. | |
| Stuart McIntosh, chair of the CMA's inquiry group, said: "Following our in-depth investigation, we have found this deal would lead to increased prices, reduced quality and choice of products, or a poorer shopping experience for all of their UK shoppers. | |
| "We have concluded that there is no effective way of addressing our concerns, other than to block the merger." |