UK watchdog to rule on $9.5 billion Asda takeover by April 20
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Saturday
July 02, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SATURDAY, JULY 02, 2022
UK watchdog to rule on $9.5 billion Asda takeover by April 20

Global Economy

Reuters
16 February, 2021, 08:35 pm
Last modified: 16 February, 2021, 08:39 pm

Related News

  • UK sends military experts to counter Russian influence in Bosnia and Herzegovina
  • Bangladesh requests UK for resettlement of 100,000 Rohingyas
  • US, Japan, Australia, New Zealand and United Kingdom form Pacific group
  • Boris Johnson under pressure after UK election defeats
  • UK PM Johnson's Conservatives lose two by-elections

UK watchdog to rule on $9.5 billion Asda takeover by April 20

Private equity firm TDR Capital and brothers Zuber and Mohsin Issa agreed in October to buy a majority stake in Britain’s third largest grocer from US group Walmart

Reuters
16 February, 2021, 08:35 pm
Last modified: 16 February, 2021, 08:39 pm
The supermarket deal, valued at around 6.8-billion pounds ($8.8-billion), follows an auction process for Asda over several months and returns the 71-year-old supermarket company back into British ownership after 21 years, a development welcomed by UK Chancellor Rishi Sunak. PHOTO: COLLECTED
The supermarket deal, valued at around 6.8-billion pounds ($8.8-billion), follows an auction process for Asda over several months and returns the 71-year-old supermarket company back into British ownership after 21 years, a development welcomed by UK Chancellor Rishi Sunak. PHOTO: COLLECTED

The UK competition regulator has set an April 20 deadline for a decision on the acquisition of supermarket chain Asda by Britain's billionaire Issa brothers and TDR Capital.

Private equity firm TDR Capital and brothers Zuber and Mohsin Issa agreed in October to buy a majority stake in Britain's third largest grocer from US group Walmart.

The brothers and TDR on Tuesday said they had completed the acquisition, which gave Asda an enterprise value of 6.8 billion pounds ($9.5 billion), though it remains subject to regulatory approval.

The Competition and Markets Authority (CMA) launched an inquiry into the deal in December and initially set a Feb. 18 deadline for a so-called Phase 1 but then stopped the clock on the process while it sought additional documentation.

Its inquiry has been complicated by the buyers' plan to offload Asda's 322 petrol stations to their own petrol forecourt business, EG Group, for 750 million pounds when the deal is completed.

The petrol forecourts sale, under which the stations will continue to be Asda-branded, will be considered by the CMA as part of its review of the Asda acquisition.

At the end of the Phase 1 stage, the CMA will either clear the deal or ask for concessions to avoid a more detailed Phase 2 investigation.

Competition lawyers expect the deal to be cleared at Phase 1 but with the combined group having to dispose of some petrol forecourts.

The brothers and TDR said they "remain confident of a positive outcome".

In 2019 Walmart's attempt to sell Asda to rival Sainsbury's for 7.3 billion pounds was thwarted by the CMA.

Asda is due to update on fourth-quarter trading on Thursday.

($1 = 0.7175 pounds)

US Election 2020

UK / Asda

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Bangladesh’s maiden underwater expressway tunnel under the Karnaphuli river is expected to open to traffic this December. About 87% of work has already completed and the installation of the road surface is underway in the first tube of the tunnel. PHOTO: Courtesy
    Karnaphuli tunnel: A potential harbinger of growth
  • Condominiums: A way to spacious living
    Condominiums: A way to spacious living
  • Foreign Policy Illustration
    The 1970s weren’t what you think

MOST VIEWED

  • Foreign Policy Illustration
    The 1970s weren’t what you think
  • Crisis to crisis: What Asia learned from the financial chaos of 1997
    Crisis to crisis: What Asia learned from the financial chaos of 1997
  • FILE PHOTO: A worker is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020. REUTERS/Brendan McDermid
    Wall St Week Ahead: Investors brace for pivotal July after dismal first half
  • Feeble global factory growth feeds recession fears
    Feeble global factory growth feeds recession fears
  • India's Prime Minister Narendra Modi and Russia's President Vladimir Putin. File Photo: Reuters
    India says Modi, Russia's Putin discuss energy, food markets
  • Photo: Collected
    Ukraine requests Turkey detain Russian-flagged ship it says carrying Ukrainian grain

Related News

  • UK sends military experts to counter Russian influence in Bosnia and Herzegovina
  • Bangladesh requests UK for resettlement of 100,000 Rohingyas
  • US, Japan, Australia, New Zealand and United Kingdom form Pacific group
  • Boris Johnson under pressure after UK election defeats
  • UK PM Johnson's Conservatives lose two by-elections

Features

The eye-catching commuter: Suzuki Gixxer SF 155

The eye-catching commuter: Suzuki Gixxer SF 155

4h | Wheels
Photo: Collected

Sapiens – A Graphic History 

1d | Book Review
Black-naped Monarch male  Photo: Enam Ul Haque

Black-naped Monarch: A sovereign who never abandoned the Indian subcontinent

1d | Panorama
The 136-year-old company on its last legs

The 136-year-old company on its last legs

1d | Features

More Videos from TBS

Dhaka University celebrating 102nd founding anniversary today

Dhaka University celebrating 102nd founding anniversary today

1d | Videos
Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

1d | Videos
Bangladeshis among top 6 nationalities seeking asylum in Europe

Bangladeshis among top 6 nationalities seeking asylum in Europe

1d | Videos
RUET organises Robotronics 2.0

RUET organises Robotronics 2.0

1d | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

4
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

5
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

6
Investor Hiru fined Tk2cr for market manipulation
Stocks

Investor Hiru fined Tk2cr for market manipulation

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
The Dazzling Fake Flowers: Is there any alternative to artificial flowers while decorating homes, showrooms, offices and business establishments? Fresh flowers are undoubtedly beautiful, but they dry out quickly. Hence, the demand for plastic flowers is rising day by day. Traders said these lifelike silk flowers usually come from China and Thailand. The photo was taken from the 29th International Trade Fair of the Chattogram Chamber on Friday. PHOTO: Mohammad Minhaj Uddin

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net