Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.
The Competition and Markets Authority has this morning confirmed it has blocked the proposed merger of Sainsbury’s and Asda.
As a result, Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.
In a statement, 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 £1 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.”
Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter.
