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Sainsbury(J) PLC (SBRY)

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Thursday 25 April, 2019

Sainsbury(J) PLC

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             +44 (0) 7801 813074

 

Media Relations, J Sainsbury plc                                                       

Rebecca Reilly            +44 (0) 20 7695 7295

 


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