CMA Preliminary Findings Point to No Deal for Sainsbury's-Asda Merger; Reducing Our FVE to GBX 273
On Feb. 21, the U.K. Competition and Markets Authority issued a much-awaited preliminary findings report on the proposed merger of Sainsbury's and Asda. In contrast to its milder first-phase findings, CMA now expects the merger to result in a substantial lessening of competition in U.K. markets in a number of respects, from in store to online on a local and national basis. Our previous GBX 360 fair value estimate was supported by a 75% probability of the merger going through with modest remedies...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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