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UK: Stocks spike on news of approved $211M food merger

By  |  March 14, 2013
UK: Stocks spike on news of approved $211M food merger

The Competition Commission has announced that food wholesaler Booker Group Plc will be allowed to pursue its acquisition of Metro AG’s UK Unit, Makro Holding Ltd., without divesting any assets. The news resulted in a 7.8 percent rise in shares for Booker, the largest jump since last May and the highest price listed since February 2006. The Commission cleared the merger of the German-owned unit, noting that there was not significant threat to competition. According to reports, the “cash and carry” wholesale market is currently worth about $16.4 billion a year; Booker made a nearly $211 million offer for the acquisition. The deal was referred to the Commission by the Office of Fair Trading last November. The Commission is scheduled to release its official report next month.

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