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Leicestershire-based housebuilding giant Barratt’s £2.5 billion purchase of rival Redrow Homes looks set to complete later this week, the business has revealed.
Earlier this month, the Competition and Markets Authority (CMA) concluded a Phase 1 investigation into the deal. The CMA has found that overall, the merger does not raise competition issues except for concerns regarding the supply of new build private residential housing in one of the more than 400 local areas where the two companies overlap.
Barratt and Redrow are continuing to engage with the CMA with the objective of agreeing suitable undertakings which would address its concerns and avoid the need for a reference to a full Phase 2 investigation.
Clearance from the CMA is a condition to the combination. Further to the CMA’s announcement on 8 August, however, Barratt has waived the CMA condition and the parties now intend to complete the combination this week.
In a statement to the London Stock Exchange, Barratt added: “This removes uncertainty for the employees, supply chain and wider stakeholder groups of both businesses, and allows us to accelerate the creation of an exceptional UK homebuilder in terms of quality, service and sustainability, which in turn can accelerate the delivery
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