Sainsbury’s Asda merger blocked, dashes lenders' plans
The UK competition watchdog has put the kibosh on a merger between grocers J Sainsbury’s and Asda, taking billions of sterling syndicated loans out of a market still recovering from a torrid start to the year.
The Competition and Markets Authority (CMA) blocked the merger on Thursday, claiming it would lead to increased prices for consumers. Sainsbury’s said the CMA’s decision had taken “£1bn out of customer’s pockets”.
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