U.K. Asks Heineken to Address Competition Concerns in Buying Pubs From Punch
13 Junho 2017 - 4:09AM
Dow Jones News
By Ian Walker
LONDON--Heineken Holding N.V.'s (HEIO.AE) 305 million pound
($386.5 million) purchase of 1,900 pubs in Britain from Punch
Taverns PLC (PUB.LN) could reduce competition in 33 places, hence
the need for the Dutch brewer to provide a remedy, the U.K.
Competition and Markets Authority said Tuesday
Heineken has until June 20 to offer proposals or face an
in-depth investigation into the merger, the U.K. regulator
said.
Heineken and Punch announced last December that the brewer would
buy a group of pubs--known as the Punch A segment--and some others
immediately after the completion of private-equity company Patron
Capital Advisers LLP's own purchase of Punch. Punch's pubs have
been divided into A and B segments, with the first made up of
around 2,000 pubs and Punch B holding more than 1,000.
Andrea Coscelli, CMA acting chief executive and decision-maker
in the case, said: "The companies will own less than 10% of all
British pubs after any deal, but we are concerned about the loss of
competition for pub goers in a number of local areas."
"Without sufficient competition from rivals, pubs in these areas
might be able to raise prices or worsen the service they offer
customers," he added.
Punch Tavern said the companies are putting proposals to the CMA
to address the points it has raised, and are confident that they
will satisfy competition concerns.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
June 13, 2017 02:54 ET (06:54 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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