AAA predicts record volume of drivers for Thanksgiving
Change law to protect gig economy workers, MPs' report urges
Marvell suits up well for growing chipmaker wars
DOJ sues to block AT&T-Time Warner merger
Uber just made its biggest move yet to adopt self-driving cars
Tesco takeover of Booker gets all clear from independent authority
15 November 2017, 12:56 | Austin Hogan
Simon Polito chair of the CMA
Tesco PLC's (LON:TSCO) £3.7bn takeover bid for food wholesale operator Booker Group PLC (LON:BOK) has been provisionally cleared by the United Kingdom competition watchdog. The regulator asserted the United Kingdom wholesale market would "remain competitive in the longer term", noting Booker's share of the United Kingdom grocery wholesaling market - at less than 20% - was "not sufficient to justify the longer-term concerns".
The provisional unconditional clearance will come as a major relief to Tesco. The wholesale trade in particular will be wondering why on earth it ever bothered engaging at all with the CMA, an organisation that seemingly lives in a different universe to anything that may be considered a normal view of the world.
Mr Monteyne said: "With a higher shareholder hurdle and the Tesco share price below the level of when the bid was made - around £2 - Booker shareholders may argue for a higher share price".
Bernstein analysts said they expect some uncertainty to remain, with the focus shifting to whether investors will approve the deal.
The regulator denied concerns by wholesalers and symbol groups that the deal would give Tesco the ability to harm its rivals through its newly acquired wholesale arm. They argued that as a result, in the longer term, Booker might be able to raise prices to the shops that it supplies.
Uber gives the green light to Softbank deal
The deal is also tied to new governance rules that aim to distribute power more equally and bring more oversight to the company. Uber's board already approved a slate of governance reforms that are contingent on completion of the SoftBank deal.
Google punches up doodle tribute to the office hole puncher
Regardless of model, for any kid who had to add loose-leaf papers to a ringed binder, the hole punch was (and is) a lifesaver. Newer iterations of the machine are also used for more creative purposes like decorative purposes like making confetti.
The CMA found that Tesco as a retailer and Booker as a wholesaler, supplying to caterers, independent and symbol group retailers, did not compete head-to-head in most of their activities.
On May 31 the authority said that it would investigate Tesco's proposed 3.7 billion-pound ($4.3 billion) cash-and-stock offer for Booker.
"Our investigation has found that existing competition is sufficiently strong in both the wholesale and retail grocery sectors to ensure that the merger between Tesco and Booker will not lead to higher prices or a reduced service for supermarket and convenience shoppers", Simon Polito, chair of the regulator's inquiry group, said Tuesday.
The CMA is now inviting further comment and evidence before making its final decision by the end of December.
"My only concern would be for local suppliers that supply Bookers, will Tesco dictate what price they are willing to pay for their goods and squeeze their margins even more", says Patel. An open letter by rival wholesalers said this will: "Present independent retailers with a stark choice: Join a Booker/Tesco symbol or go out of business".
Walmart unveils Black Friday plans
Also, store employees will hand out color-coded maps to help shoppers navigate through large crowds. Its stores will then reopen at 6 a.m. local time on Friday until 10 p.m., 11 p.m. or midnight.
China, Vietnam leaders reach South China Sea 'consensus'
Chinese Premier Li Keqiang sealed the accord with the ASEAN leaders in Manila , according to China's state-run Xinhua news agency. Philippine Foreign Affairs Secretary Alan Peter Cayetano did not directly answer when asked about Trump's offer.
U.S. considers special investigation of Clinton Foundation
At a House Judiciary hearing Tuesday, Sessions stressed the "factual basis" that must be met to warrant a special counsel, as Rep. Trump is frustrated with the continuing investigations into Russia's election meddling and possible ties to his campaign.
Moto Tab outed by AT&T as a family-oriented device
If the specs, not to mention the straightforward name, reminds you of Lenovo's own tablets, you wouldn't be too far from the mark. For the best entertainment experience, the Moto Tab comes with TV Mode, dual speakers , and Dolby Atmos surround sound.
FBI Launches Probe Into Meek Mill Judge
TMZ reported allegations that the judge tried to strong-arm Mill into leaving Roc Nation for music manager Charlie Mack. The source continued, 'Mack had previously told Meek how he 'knows the judge and he could help him with his case'.