Sainsbury(J) PLC Statement re CMA provisional findings
February 20 2019 - 2:34AM
Dow Jones News
TIDMSBRY
RNS Number : 5785Q
Sainsbury(J) PLC
20 February 2019
20 February 2019
J Sainsbury plc
Statement re CMA provisional findings into proposed merger
between J Sainsbury plc and Asda Group Limited
We fundamentally disagree with the provisional findings. These
misunderstand how people shop in the UK today and the intensity of
competition in the grocery market. The CMA has moved the goalposts
and its analysis is inconsistent with comparable cases.
Combining Sainsbury's and Asda would create significant cost
savings which would allow us to lower prices. Despite the savings
being independently reviewed by two separate industry specialists,
the CMA has chosen to discount them as benefits.
We are surprised that the CMA would choose to reject the
opportunity to put money directly into customers' pockets,
particularly at this time of economic uncertainty.
We will be working to understand the rationale behind these
findings and will continue to make our case in the coming
weeks.
For further information please contact:
Investor Relations, J Sainsbury plc
James Collins +44 (0) 7801 813074
Media Relations, J Sainsbury plc
Rebecca Reilly +44 (0) 20 7695 7295
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END
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