Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.
The Competition and Markets Authority has this morning confirmed it has blocked the proposed merger of Sainsbury’s and Asda.
As a result, Sainsbury’s, Walmart and Asda have mutually agreed to terminate the transaction.
In a statement, 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.”