Regulator seeks clarity on fuel prices

BRITAIN’S competition regulator said on Tuesday (20) it was concerned that the Issa brothers and private equity group TDR Capital’s £6.8 billion takeover of the Asda supermarket chain could lead to higher fuel prices for motorists in the country.

The Competition and Markets Authority (CMA) said it has given the buyers five working days to offer legally binding proposals to address the competition concerns to avoid an in-depth investigation.

US retail giant Walmart in October agreed to sell its British supermarket division Asda to the Issa brothers and a private equity group. Mohsin and Zuber Issa joined with TDR Capital to purchase Asda, which last year regulators blocked from merging with su- permarket group Sainsbury’s.

While the brothers and TDR have a majority stake in Asda, Walmart will retain an investment and have a seat on the new board.

Born in Blackburn, the Issas began their careers working in their father’s local petrol station. They bought their first petrol station in 2001, which was the start of Euro Garages. It has grown into an international group with 6,000 sites across three continents.

Founded in 1965, Asda has the third-biggest market share among supermarket chains in the UK, behind Sainsbury’s and Britain’s largest retailer Tesco. Walmart bought Asda in 1999.