UK regulator provisionally green lights T&L Sugars' move for Tereos [Yahoo! Finance]
TATE & LYLE PLC S/ADR (TATYY)
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Source: Yahoo! Finance
Today (6 August), the Competition and Markets Authority (CMA) provisionally found that, without the deal going ahead, the “most likely outcome is that Tereos' UK retail business would close”, according to a statement. It added: “Since closure would also result in a loss of competition absent the merger, the panel has provisionally decided to clear the deal.” The transaction had been under a “Phase 2” investigation by the CMA after identifying competition concerns during its “Phase 1” investigation. Following the first phase, the anti-trust body found that the deal showed risks of inflated sugar prices for UK consumers, and “a substantial lessening of competition”. Richard Feasey, chair of the independent inquiry group carrying out the second phase investigation, said today: “We have carefully considered a broad range of evidence, including detailed examination of the financial performance of Tereos' UK retail business, and the steps taken by Tereos to improve its performance.
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