Statement re. Proposed Merger

RNS Number : 0207X

Sainsbury(J) PLC

25 April 2019

 

25 April 2019

J Sainsbury plc

Statement re proposed merger of J Sainsbury plc and Asda Group Limited

The Competition and Markets Authority (CMA) has today published its Final Report on the proposed merger of J Sainsbury plc (Sainsbury's) and Asda Group Limited (Asda), resulting in prohibition of the merger. As a result, Sainsbury's, Walmart and Asda have mutually agreed to terminate the transaction.

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."

For further information please contact:                                              

Investor Relations, J Sainsbury plc

James Collins             [phone]

Media Relations, J Sainsbury plc                                                       

Rebecca Reilly            [phone]

 

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