NEWS

Watchdog gives Sainsbury’s the go ahead for Argos takeover

Published on: 22nd July 2016

The proposed acquisition has been given the nod by the Competition and Markets Authority (CMA).

sains480The CMA claimed that it will not be referring the deal for any further investigation. A statement from the body said: “The CMA has decided, on the information currently available to it, not to refer the following merger to the Phase 2 investigation under the provisions of the Enterprise Act 2002.”

J Sainsbury agreed a cash and shares deal, then worth £1.4bn, for the Home Retail Group in April.

Sainsbury’s chief executive, Mike Coupe, commented: “We remain absolutely convinced by the strategic rationale of the deal, and we think it will strengthen our business. We remain committed to making the deal happen.”

The company has also reaffirmed its intentions to purchase the Home Retail Group, despite economic uncertainty after the Brexit result.

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