Co-op cleared to take over Southern Co-op after store sales
Summarised from 2 outlets · Updated 5 Nov, 16:12 · Archive
The Co-operative Group's takeover of Southern Co-op has been cleared by the competition watchdog after agreeing to sell 15 stores and two funeral homes.
The Competition and Markets Authority has approved The Co-operative Group's takeover of Southern Co-op after the Co-op agreed to offload 15 stores and two funeral homes. The CMA said it had accepted the measures put forward to address regulatory concerns and would not refer the deal for a full Phase Two investigation.
The merger will add Southern Co-op's 330,000 members to the Co-op's existing seven million, along with about 300 food, funeral and Starbucks coffeehouse sites. Southern Co-op operates 173 food stores and 69 funeral homes, while the Co-op Group has 2,300 food stores and 800 funeral homes. The deal was announced in April.
Kate Allum, interim chief executive of The Co-operative Group, said the approval gave the firms 'the green light to begin an exciting new chapter of co-operation' and the opportunity to build 'an even stronger Co-op, with greater scale and resilience'. Ben Stimson, chief executive of Southern Co-op, said the priority was to 'maintain our shared values and strengthen the co-operative movement as we join forces in earnest'.
How it is being reported
- Co-op takeover of Southern Co-op given green light by competition watchdogThe Co-op will add Southern’s 330,000 members to its existing seven million, as well as about 300 food, funeral and Starbucks coffeehouse sites.Independent Business · 5 Nov, 15:34
- Co-op takeover of Southern Co-op given green light by competition watchdogThe Co-op will add Southern’s 330,000 members to its existing seven million, as well as about 300 food, funeral and Starbucks coffeehouse sites.Evening Standard · 5 Nov, 15:34
In this story: The Co-operative Group · Southern Co-op · Competition and Markets Authority · Kate Allum · Ben Stimson
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