Just Eat Takeaway.com NV logo

TKWY - Just Eat Takeaway.com NV News Story

€90.5 0.7  0.7%

Last Trade - 4:36pm

Sector
Technology
Size
Large Cap
Market Cap £4.60bn
Enterprise Value £4.79bn
Revenue £348.2m
Position in Universe 118th / 864

UPDATE 1-Takeaway sets Just Eat deal back a week, faces competition probe

Fri 24th January, 2020 7:59am
(Updates with details of CMA)
    AMSTERDAM, Jan 24 (Reuters) - Takeaway.com  TKWY.AS  said on
Friday its 6.2 billion pound takeover of Just Eat  JE.L  will
proceed despite a last-minute setback when the UK competition
authorities said they will probe the deal to create one of the
world's largest meal delivery companies.
    Although Takeaway said on Friday the investigation by
Britain's Competition and Markets Authority (CMA) would only
delay completion of the takeover by a week, it was not clear how
the intervention might impact on plans to integrate the two
businesses.
     Depending on initial findings, the CMA could decide to
launch a formal investigation.
    Should that happen, Takeaway.com would still be permitted to
complete the Just Eat takeover but could be prevented from
integrating the two businesses under an "interim enforcement
order" until the investigation concluded.
    The CMA had not previously signalled concerns over the deal,
which had been in the works for months as Takeaway fought with
rival suitor Prosus to buy Just Eat.  urn:newsml:reuters.com:*:nL4N29S40B
    But the agency now believes a probe may be warranted,
Takeaway disclosed late Thursday, adding that the regulator
would be looking into whether it would have re-entered the UK
market without the current deal in
place. urn:newsml:reuters.com:*:nRSW7858Aa urn:newsml:reuters.com:*:nL8N24S0N0
    The CMA is already investigating plans by Amazon to lead a
575 million pound investment in Deliveroo.  urn:newsml:reuters.com:*:nL4N2911UX
    Takeaway said it pulled out of the loss-making UK market in
2016 after struggling with stiff competition. That year, the
business lost 768,000 pounds ($1 million).
    "Takeaway.com confirms that it did not have the intention to
re-enter the UK market absent the transaction with Just Eat,"
the Dutch company said, adding it would respond to the CMA's
questions and that it was confident of getting a green light.
    Takeaway.com said on Friday that 90.2% of Just Eat
shareholders have tendered shares to its takeover offer, and
that the company will begin a squeeze-out process to acquire the
rest.
 ($1 = 0.7608 pounds)
 

 (Reporting by Toby Sterling
Editing by Jan Harvey and Keith Weir)
 ((toby.sterling@thomsonreuters.com; +31 20 504 5002;))
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