摘要: |
The Competition and Markets Authority (CMA) in investigating the anticipated merger between National Express Group and Stagecoach Group (Buses February). The CMA intervened in the £1.9bn merger because it had 'reasonable grounds to suspect' that National Express and Stagecoach will 'cease to be distinct.' While the investigation is ongoing, National Express and Stagecoach cannot take any steps to progress the integration of the two businesses, transfer ownership or control of either business or any subsidiaries in the UK, or impair the ability of either business to compete independently. This effectively prevents Stagecoach from disposing of the coach businesses it had planned to sell to ComfortDelGro, including South West Falcon and Megabus. The purpose of this instruction is to maintain the businesses in their current shape while a review of the combination is undertaken. In a regulatory announcement, Stagecoach commented: "We do not expect the interim enforcement order to materially affect the day-to-day operations of either National Express or Stagecoach, and the parties will continue to work with the CMA in relation to its review of the Combination. "At this stage, the Boards of National Express and Stagecoach continue to expect the combination to complete around the end of 2022." |