Last checked at 25 Apr 2019 07:03
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