Sainsbury’s Asda merger facing review by the Competition and Markets Authority April 30, 2018 Sainsbury’s proposed merger with Asda is “likely to be subject to review”, the Competition and Markets Authority (CMA) confirmed this morning. Sainsbury’s chief executive Mike Coupe said this morning that the supermarket has asked the CMA to fast-track the deal to a phase two in-depth probe, and expects the watchdog will be minded to keep [...]
Sainsbury’s (SBRY) share price soars after confirming Asda merger proposal will lead to price cuts of around 10 per cent April 30, 2018 Sainsbury’s this morning provided more detail on its plans to merge with Asda, after reporting a return to growth with full-year profit before tax up 1.4 per cent to £589m. Shares in the supermarket soared in early trading after the tie-up proposal was confirmed, up more than 16 per cent in early trading. The combination [...]
Store wars: Sainsbury’s and Asda mega-merger heats up race to become Britain’s ultimate supermarket superpower April 30, 2018 The race to become Britain’s ultimate supermarket superpower grew suddenly more interesting over the weekend as Sainsbury’s and Walmart-owned Asda revealed they are in merger talks to become Britain’s largest grocer. The two supermarkets, which have both lost market share, are seeking to join forces in a bid to topple Tesco, the current market leader [...]
Sainsbury’s to announce details of talks for £10bn Asda merger April 30, 2018 Details of a proposed £10bn mega-merger between Sainsbury’s and Asda will be revealed today, after it emerged that the two giants are locked in takeover talks. Sainsbury’s will issue a statement to the market this morning after confirming on Saturday that it was in advanced discussions regarding the tie-up with Wal-Mart owned Asda. City observers [...]
Island’s time: Jamaica’s Prime Minister Andrew Holness on trade winds, Brexit and Windrush | City A.M. April 26, 2018 Jamaica’s Prime Minister had intended to spend last week talking to world leaders about issues such as the threat of climate change to his island nation. Instead, Andrew Holness was fielding questions from journalists about the Windrush scandal that was dominating headlines and embarrassing the UK government. The day before we meet at the Jamaican [...]
Is Facebook too powerful? April 26, 2018 Three hours and 27 minutes into Mark Zuckerberg’s testimony before the Senate, senator Dan Sullivan pressed him on the question – is Facebook too powerful? It’s a sentiment reflected by the House of Lords here in the UK, which has called on the Competition and Markets Authority to launch a study into Google and Facebook’s [...]
Brexit mutual regulatory recognition is “eminently achievable” says Financial Conduct Authority (FCA) boss Andrew Bailey April 24, 2018 A mutual recognition regime for financial regulation after Brexit is “eminently achievable”, the City watchdog’s boss today said, rejecting calls for a less integrated relationship based on equivalence. Andrew Bailey, head of the Financial Conduct Authority (FCA), today rejected the European Commission’s position that regulatory equivalence is a solution to the problems posed by the [...]
Disney forced to bid for Sky: How Britain’s takeover umpire has just thickened the plot April 13, 2018 As corporate stories go, this one has more plot twists than Game of Thrones. Sky investors were buoyed at the end of February as Comcast attempted to hijack Rupert Murdoch’s painfully slow takeover of the chunk of Sky he doesn’t already own. Shares hit levels last witnessed during the dotcom bubble – climbing above the [...]
Trinity Mirror’s Express takeover slowed down as competition regulators lift up the bonnet April 11, 2018 Britain’s competition regulator today launched an investigation into the sale of Richard Desmond’s Express newspaper stable to the owner of the Daily Mirror. Media giants Trinity Mirror and Northern & Shell agreed a £127m deal in February, ending Desmond’s 18-year association with some of Britain’s most popular newspaper and magazine titles. Just £48m will be [...]
Financial Conduct Authority cuts back on new initiatives as Brexit prep will cost £30m April 9, 2018 The City watchdog said today it was limiting the number of new initiatives it takes on for the year ahead, saying Brexit is “inevitably the priority” in its business plan published today. The Financial Conduct Authority (FCA) has also set out seven other areas of focus including tackling financial crime and firms’ culture and governance. [...]