UK Regulator May Accept Vision Express Remedies to Approve Tesco Opticians Buy
October 11 2017 - 2:05AM
Dow Jones News
By Ian Walker
The U.K. Competition and Markets Authority said Wednesday that
remedies offered by Vision Express (U.K.) Ltd. to satisfy the
regulator's concerns over the company's acquisition of Tesco
Opticians may be sufficient to allow the deal to go ahead.
The regulator now has until Dec. 7 to decide whether to accept
the undertakings, but can extend this until Feb. 6, 2018, if it
believes there are special reasons for doing so.
Tesco PLC (TSCO.LN), the U.K.'s number one grocer by market
share, announced in April that it was selling its optical business
in the U.K. and Republic of Ireland to Vision Express for an
undisclosed sum, subject to CMA approval.
However late last month, the CMA said it believed the deal could
lead to a substantial lessening of competition within a market or
markets in the U.K. and sought remedies to address this
situation.
On Oct. 5, Vision Express offered to sell a Vision Express store
in each of the three local areas in which competition concerns were
identified.
The CMA said Wednesday that it had considered the undertakings
offered and believed there to be reasonable grounds for these, or a
modified version, to be accepted to remedy the competition issues
identified.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
October 11, 2017 02:50 ET (06:50 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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