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Barratt-Redrow merger one step closer to regulatory approval
(Sharecast News) - The competition authority has announced that the allowances made by Barratt Developments and Redrow in order to pave way for regulatory approval may just be enough to get the green light. The initial phase of a Competition and Markets Authority investigation revealed issues in one of the 400 local areas where the two companies overlap, prompting the housebuilders to agree on "suitable undertaking" to address these concerns.
The CMA said on Wednesday it "considers that there are reasonable grounds for believing that the undertakings offered by the parties or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002."
The regulator has until 18 October to decided whether or not to accept the undertakings. If accepted, it would avoid the need for a full Phase 2 investigation.
Despite this outstanding issue, the merger is due to go ahead this week, with Redrow's stock set to be deleted from the FTSE 250 at the end of Wednesday's trading session.
The companies announced on Monday that they would waive the CMA condition on their impending transaction and push ahead with the tie-up, though the CMA has the authority to prevent the full integration of the businesses until their proposed undertakings have been formally agreed.
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