UK watchdog refers Vodafone, Three deal to in-depth probe
Reuters
Published Apr 04, 2024 07:25
Updated Apr 04, 2024 08:08
(Reuters) -Britain's competition regulator said on Thursday it would need to open an in-depth investigation into the merger between Vodafone (LON:VOD)'s UK operation and Hutchison's Three UK after the parties did not offer remedies to ease the regulator's competition concerns.
The $19 billion tie-up, which was announced last year, will reduce the number of networks from four to three, challenging the long-held tenet that four help keep prices low.
The UK's Competition and Markets Authority (CMA) said last month the deal risked leaving consumers worse off and asked the companies to respond with "meaningful solutions" to its concerns that the merger will result in higher prices for consumers and businesses and lower investment.
"On 28 March 2024, the Parties informed the CMA that they would not be offering any undertakings," the regulator said in a statement on Thursday.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.