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Competitions authority approves Sainsbury's HRG takeover

Published: 26 July 2016
The Competitions and Markets Authority has given Sainsbury's the green light for its takeover of Argos.
Competitions authority approves Sainsbury's HRG takeover
Following the opening of its investigation into the takeover, the CMA has now opted against a phase two investigation, which would have delayed the completion of the deal by several months. The CMA had originally opened the investigation in May to see whether the transaction would "result in a substantial lessening of competition within any market or markets in the UK for goods or services."

The acquisition is expected to complete in Q3 2016, but it still needs approval from the Financial Conduct Authority as well as Home Retail Group shareholders. Investors are set to vote next week at a shareholders meeting.

Earlier this month, Sainsbury's chief executive Mike Coupe re-affirmed the grocer's intentions to buy HRG despite the uncertain retail climate following the Brexit vote. He said: "We remain absolutely convinced by the strategic rationale of the deal and we think it will strengthen our business. We remain committed to making the deal happen."


26 July 2016 01:01:00
By tony
about time they greenlight

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