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SharePrice.com - UK Share Information - Sunday, 24th June 2018

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MPs Accuse Sainsbury’s / Asda Merger of Financial Fixing


Thursday, 21st June 2018

Mike Coupe, CEO of Sainsbury’s and Roger Burnley, the Chief Executive at Asda, appeared before MPs at the Environment, Food and Rural Affairs committee earlier this week. MPs dismissed the promises made by the two grocers to continue running their brands separately after the merger, calling them “baloney”.

The two CEOs said that they would reduce prices on a range of everyday essentials by 10% and insisted that suppliers would not be squeezed, because they would benefit from dealing with one retailer instead of having to deal with two. They also said that the deal would not affect smaller suppliers.

MPs were unconvinced, and question whether J Sainsbury has ulterior motives for wanting to merge with Asda, which is owned by the US group Walmart.

MPs were not the only group that were concerned about the potential impact that the merger would have. Farmers also spoke out against the merger at the meeting, stating that it could be painful for the food industry as a whole. The CMA’s remit, however, is to consider the effect that the merger will have on consumers, so the words from the farmers may have fallen on deaf ears, much like concerns over the Tesco - Booker deal did earlier in the year.


Read previous editors articles here


Stock Market Update

Friday, 22nd June 2018

The FTSE 100 surged 1.7% to 7,682 after the oil cartel OPEC decided to increase oil production by nearly a million barrels a day according to reports.  Brent crude remained strong, ...
Friday, 22nd June 2018

The FTSE 100 shrugged off a rising pound to enjoy a 0.8% hike to 7,618 around midday.  Miners and banks led the charge with Glencore (GLEN) up 2% at 379.2p followed ...
Friday, 22nd June 2018

UK stocks opened higher on Friday after Greece was given some debt relief by European leaders but uncertainty still simmered over US-China trade relations.  At 0856, the benchmark FTSE 100 index ...

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