Sainsbury's, Walmart and Asda terminate combination transaction as CMA blocks merger
Source - SMW
Following the publication of the Competition and Markets Authority's final report blocking the merger of Sainsbury's and Asda, Sainsbury's, Walmart and Asda "mutually agreed" to terminate the proposed transaction.
"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," said Sainsbury's CEO Mike Coupe.
At 8:31am: (LON:SBRY) Sainsbury J PLC share price was -13.65p at 212.95p