U.K. Competition Watchdog Refers SSE-Npower Merger for Further Investigation
May 08 2018 - 2:01AM
Dow Jones News
By Adam Clark
The U.K's Competition and Markets Authority said Tuesday that it
has referred the proposed merger of SSE PLC's (SSE.LN) retail
division with Innogy SE's (IGY.XE) Npower for an in-depth
investigation.
The CMA said SSE and Npower--the U.K. retail power business of
Innogy--didn't offer any measures to address its initial findings,
which concluded the deal could reduce competition and lead to
higher prices for some customers.
A decision on the merger will now be made by a group of
independent panel members, with a deadline for their final report
of Oct. 22, the CMA said.
The two companies set out the proposed merger in November, with
SSE shareholders to get a 66% stake in the combined business.
Alistair Phillips-Davies, chief executive of SSE, previously
said he was confident that the proposed merger would benefit
customers and the energy market as a whole as well as that the
company will demonstrate this to the CMA.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
May 08, 2018 02:46 ET (06:46 GMT)
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