Morrisons’ takeover of McColl’s moves closer to being cleared
The Competition and Markets Authority has said it is proposing to accept Morrisons’ offer to sell 28 McColl’s stores across the UK in order to address the watchdog’s concerns over competition.
The CMA launched an investigation into Morrisons’ £190 million acquisition of the convenience chain earlier this year.
Following a phase one investigation, the CMA found that the deal would not harm the vast majority of shoppers or other businesses, but said it raised competition concerns in 35 areas.
Morrisons has now offered to sell 28 McColl’s stores to buyers approved by the CMA. This includes 26 stores in England, one in Scotland and one in Wales.
The CMA is now consulting on the proposals and, if they are accepted, the deal will be cleared to proceed.
Sorcha O’Carroll, CMA senior director of mergers, said: “Our preliminary view is that the sale of these stores will preserve competition in these local areas and prevent consumers from losing out.
“If, after reviewing the responses to our consultation, we conclude that the competition issues have been addressed, the deal will be cleared.”
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