REG - Competition and Mkts - Merger Update: Barratt / Redrow

RedrowAnnouncement

12/09/2024 12:15

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RNS Number : 9541D  Competition and Markets Authority  12 September 2024

Consultation on undertakings in lieu: Completed Acquisition by Barratt
Developments plc of Redrow plc

The Competition and Markets Authority (CMA) has opened a consultation on
undertakings in lieu of reference offered by the Parties to address
competition concerns identified by the CMA over the completed acquisition by
Barratt Developments plc of Redrow plc. (the Merger).

On 8 August 2024, the CMA announced that it would refer the Merger for an
in-depth, Phase 2 investigation unless the Parties offered acceptable
undertakings in lieu to address the CMA's concerns.

To address the CMA's concerns, the Parties offered undertakings in lieu of a
reference to the CMA, which relates to Redrow's entire overlapping area in the
Kingsbourne, Nantwich development that has planning consents for the
development of 324 homes, subject to a number of commitments: (i) appointing
an independent third-party to sell the unsold houses; (ii) ensuring that
unbuilt houses and unbuilt infrastructure are constructed to Redrow's quality
standards and for construction to be completed in a timely manner; and (iii)
providing aftersales services to all homebuyers to a level meeting or
exceeding each of Redrow's pre-Merger standards.

On 21 August 2024, the CMA announced that it would look in detail at these
offered undertakings in lieu. The CMA has until 18 October 2024 to consider
whether to accept the undertakings in lieu, or a modified version of them. As
part of this process, the CMA is now consulting publicly on whether the
proposal is sufficient to address the competition concerns identified by the
CMA.

Before reaching a final decision, the CMA is therefore inviting interested
parties to make their views known. The deadline for responses is 26 September
2024.

The consultation on the offered undertakings in lieu and all other information
relating to this merger investigation can be found on the dedicated case page
on the CMA's website at Barratt/Redrow merger inquiry
(https://www.gov.uk/cma-cases/barratt-slash-redrow-merger-inquiry) .

In the event of media enquiries please email press@cma.gov.uk
(mailto:press@cma.gov.uk) .

 

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