REG - Sainsbury(J) PLC - Statement re. Proposed Merger

J SainsburyAnnouncement

25/04/2019 07:05

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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