Deal struck for Poundland to complete takeover of 99p Stores

[dutchman]

The takeover will see five 99p Stores in Coventry and Warwickshire intergrated in to the Poundland company



Poundland will complete its £55million takeover of rival 99p Stores by the end of this month after being given formal clearance by the authorities.

The bargain store - which has shops in Coventry, Nuneaton, Rugby, Leamington and Stratford - faced an in-depth probe by the Competition and Markets Authority (CMA), which might have meant it had to sell off a clutch of outlets.

The CMA had initially been concerned about the lessening of competition throughout the country after the merger between Poundland and its biggest rival.

But it has now ditched its worries after agreeing that competition will be provided by big supermarket chains Tesco and Asda - as well as the likes of Poundworld and B&M.

The planned merger, announced in February, will create a network of 800 shops, including five 99p Stores in Coventry, Nuneaton, Rugby and Kenilworth.

[rebbonk]

... it has now ditched its worries after agreeing that competition will be provided...

Really?