CMA Blocks Merger Between Sainsbury's and Asda in Line With Expectations; Shares Fairly Valued
On April 25, the U.K. Competition and Markets Authority, or CMA, issued its final report over the proposed merger of Sainsbury's and Asda, blocking the deal. This is in line with our expectations and follows the CMA's harsh preliminary assessment, which left no scope for the deal be approved. We maintain our GBX 273 fair value estimate and no-moat rating.In February, after the CMA announced its preliminary findings, we anticipated that no viable divestment plan could make the deal acceptable to...
J Sainsbury is principally engaged in food, general merchandise and clothing retailing and financial services. Co. is organized into four operating segments: Retail (Food), which provides a range of food, including organic produce; Retail (General Merchandise and Clothing), which provides a range of products across home, clothing, technology and leisure; Financial Services (Sainsbury's Bank plc and Argos Financial Services entities), which provides products such as credit cards, insurance, travel money and personal loans; and Property Investment (The British Land Company PLC and Land Securities Group PLC joint ventures). At Mar 11 2017, Co. had 605 supermarkets and 806 convenience stores.
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