Competition watchdog is investigating rival Barratt’s proposed £2.5 billion takeover of Redrow
THE competition watchdog will sink its teeth into rival Barratt’s proposed £2.5 billion takeover of housebuilder Redrow.
The deal, announced last month, would cement Barratt’s status as Britain’s largest housebuilder.
The companies would jointly develop 23,000 homes a year and achieve a turnover of more than £7 billion.
Competition research and Markets Authority comes weeks after it announced a separate investigation into eight companies, including Barratt and Redrow.
That was more than claims that they shared commercially sensitive information that could affect house prices and property values.
The CMA’s inspection of the Barratt-Redrow deal will focus on whether it creates a “material reduction in competition” for EU consumers. future.
The regulator said yesterday it was seeking information before launching an official investigation.
A spokesperson for Barratt said: “We are confident that the combination of Barratt and Redrow is in our future best interests from customers and will accelerate the delivery of the homes this country needs.
“We look forward to working constructively with the CMA as they carry out their duties judgement.”
Interested parties can submit their views until April 2.
No Currys bid
Chinese online giant JD.com says it is no longer interested in acquiring Currys.
It comes just days after US firm Elliott Advisors also said it would not pursue another approach for Currys after a 67 cents per share offer was rejected. Currys shares fell 3.9 per cent to 56.60p yesterday.
Voda sale
Vodafone is selling its Italian operations to Switzerland’s Swisscom in a £6.8 billion deal.
Telecoms FTSE 100 returns £3.4 billion as a sweetener for investors. Voda boss Margherita Della Valle called the Italian sale the “final step in the transformation of our European operations”.
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