Tesco gets ap­proval for Booker takeover

The Irish Times - Business - - MARKETS -

Su­per­mar­ket group Tesco won pro­vi­sional ap­proval for its £3.7 bil­lion of whole­saler Booker from the UK com­pe­ti­tion reg­u­la­tor yes­ter­day, mov­ing Bri­tain’s big­gest re­tailer closer to se­cur­ing a new av­enue of growth.

The Com­pe­ti­tion and Mar­kets Au­thor­ity (CMA) said it had con­ducted an in-depth re­view and pro­vi­sion­ally con­cluded that Tesco’s pur­chase of Booker does not raise com­pe­ti­tion con­cerns. Tesco’s move on Booker in Jan­uary sparked fur­ther con­sol­i­da­tion in Bri­tain’s £185 bil­lion gro­cery mar­ket as su­per­mar­kets seek ad­di­tional sources of growth.

“The whole­sale trade in par­tic­u­lar will be won­der­ing why on Earth it ever both­ered en­gag­ing at all with the CMA, an or­gan­i­sa­tion that seem­ingly lives in a dif­fer­ent uni­verse,” said Shore Cap­i­tal an­a­lyst Clive Black. –

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