UK Says Heineken Remedies Might Satisfy Concerns Over Pubs Deal -- Update
27 June 2017 - 9:40PM
Dow Jones News
By Razak Musah Baba
LONDON--The U.K.'s competition authority said there are
reasonable grounds for believing that proposals by Heineken Holding
N.V. (HEIO.AE), or a modified version of them, might remedy
concerns it has over the Dutch brewer's 305 million pound ($397.3
million) acquisition of 1,900 Punch Taverns PLC (PUB.LN) pubs.
The Competition and Markets Authority has until Aug. 22 to
consider the undertakings, though it could decide to extend the
deadline to Oct. 17, if necessary. The CMA said it would undertake
a public consultation as part of its preliminary investigation.
If the authority rejects Heineken's proposed undertakings, the
acquisition would be referred for an in-depth investigation, the
CMA said on Tuesday.
"We welcome confirmation from the CMA that only a small number
of pubs are required to be sold. It's a sensible outcome and good
news for pub-goers across the U.K. who will see the benefit of well
invested pubs in their communities," a spokesperson for Heineken
said.
--Ian Walker contributed to this article
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
June 27, 2017 07:25 ET (11:25 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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