Sainsbury’s-Asda deal blocked by competition watchdog
The TelegraphThe UK’s competition watchdog bared its teeth on Thursday by torpedoing Sainsbury’s £10bn merger with Asda, blocking a deal outright for the first time since the regulator’s inception five years ago. Shares in Sainsbury’s tumbled to a 16-year low shedding 4.6pc, or 10.6p, to 216p despite the City already believing the deal was dead after the watchdog stunned the market in February with its unexpectedly harsh initial findings. Sainsbury’s boss Mike Coupe criticised the CMA’s conclusion, saying the regulator’s decision “ignores the dynamic and highly competitive nature of the grocery market”. Mr Coupe, who garnered unwanted headlines after being caught on television singing the “We’re in the Money” – lyrics from musical 42nd Street – when the deal was announced last year, is now facing questions about his future.
History of this topic
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Walmart sells UK supermarket Asda for $8.7 bn
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Sainsbury's shares hit 16-year low after watchdog blocks Asda merger
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