OFT will not refer Asda's acquisition of Netto to the Competition Commission.
Asda is set to open 168 stores in 2011, adding 1.8m sq ft of retail food space in, the largest single year of growth in its history. The additional space is a combination of planned organic growth and the acquisition of 147 Netto stores.
The converted Netto stores will all trade under the Asda Supermarkets banner and will average 8,000sq ft in size. Shoppers in those stores will be able to complete a full weekly shop, with the number of products increasing five-fold compared to an existing Netto store.
Judith McKenna, Asda chief financial officer, said: “The combination of acquiring 147 Netto stores together with our organic growth plans means we will be able to save customers more money than ever before.
“We’ll also create 1,500 jobs as we convert all of the Netto stores into Asda Supermarkets.
“I want to thank my colleagues sincerely both at Netto and Asda for their patience and dedication throughout. Since we announced our intention last May to purchase these stores, it has been a long, drawn out process. I’m confident, based on the plans in place, the integration will be a huge success.”
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