Tesco gets approval for Booker takeover
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. –