Antitrust Objections Threaten the Takeover of Walmart’s U.K. Supermarket Chain [Fortune]
TESCO PLC S/ADR (TSCDY)
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Source: Fortune
Antitrust Objections Threaten the Takeover of Walmart's U.K. Supermarket Chain J Sainsbury Plc’s 7.3 billion-pound ($9.5 billion) takeover of Walmart The Competition and Authority said in a provisional report Wednesday that even giving up a large number of stores wouldn’t necessarily resolve its concerns. The regulator said the companies might have to sell off one of their two well-known corporate brands to win approval. While the CMA has been mapping local areas across the U.K. as part of its in-depth probe, its initial view is that the loss of one of the Big Four supermarket chains will substantially cut competition at a national level. The enlarged group would rival Tesco Plc as the country’s largest grocer and has attracted considerable scrutiny from competitors, suppliers and politicians. The report was “close to the worst possible outcome,” Sanford C. Bernstein Ltd. analyst Bruno Monteyne said in a note to clients. The chains face a particular challenge in the market for online
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