Tesco / Booker merger inquiry

The CMA investigated the anticipated acquisition by Tesco PLC of Booker Group plc.

• From: Competition and Markets Authority
• Published: 30 May 2017
• Last updated: 20 December 2017 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Retail and wholesale
• Outcome: Mergers - phase 2 clearance
• Opened: 30 May 2017
• Closed: 20 December 2017

Phase 2

Administrative timetable

Date of referral: 12.7.17

Statutory deadline: 26.12.17

• Full administrative timetable (updated 1.11.17)

Contact

general.enquiries@cma.gov.uk

Final report

• Final report (PDF, 2.3 MB) (20.12.17)
• Appendices and glossary (PDF, 1.3 MB) (20.12.17)
• Summary of final report (20.12.17)
• Press release: Tesco/Booker merger cleared after in-depth review (20.12.17)

Responses to provisional findings

• Hudsons Off Licence (20.12.17)
• North Marston Community Shop Association Ltd (20.12.17)
• Petrol Retailers Association (20.12.17)
• Response from a retailer (20.12.17)
• Tesco/Booker (20.12.17)

Provisional findings

14 November 2017: The CMA has provisionally cleared Tesco’s acquisition of Booker.

• Provisional findings report (PDF, 2.3 MB) (14.11.17)
• Appendices and glossary (PDF, 2.41 MB) (14.11.17)
• Summary of provisional findings (14.11.17)
• Notice of provisional findings (14.11.17)
• Retailer survey report (PDF, 1.5 MB) (14.11.17)
• Press release: Tesco/Booker merger provisionally cleared after in-depth review (14.11.17)

Evidence

The publication of the evidence of any party on the CMA’s webpages does not indicate in any way endorsement by the CMA of the views expressed in the evidence or acceptance of that evidence. Publication in this way is designed to assist public understanding of the issues.

Third party evidence

• Letter from wholesalers (6.10.17)
• Summary of hearing with Palmer & Harvey (17.10.17)

Interview summaries

• Third party wholesalers (5.10.17)
• Third party suppliers (5.10.17)

Responses to issues statement

• Symbol operator (13.9.17)
• Association of Convenience Stores (5.9.17)
• Bestway Wholesale Limited (5.9.17)
• British Brands Group (5.9.17)

Response to phase 1 decision and issues statement

• Tesco/Booker (PDF, 4.39 MB) (24.8.17)

Issues statement

9 August 2017: The issues statement sets out the scope of the investigation. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

• Issues statement (9.8.17)

Inquiry group appointed

14 July 2017: The CMA appointed the inquiry group on 13 July 2017.

Simon Polito (Inquiry Chair), Gavin Robert, Robert Spedding and Tim Tutton.

Terms of reference

12 July 2017: The CMA has referred the anticipated acquisition by Tesco PLC of Booker Group plc for an in-depth phase 2 investigation.

• Terms of reference (13.7.17)

Phase 1

Phase 1 date	Action
21 July 2017	Decision published
12 July 2017	Decision announced
30 May 2017 to 13 June 2017	Invitation to comment
30 May 2017	Launch of merger inquiry
30 May 2017	Initial enforcement order

Reference decision

12 July 2017: The CMA has referred the anticipated acquisition by Tesco PLC of Booker Group plc for an in-depth phase 2 investigation under its fast track procedure at the request of the merging parties. A copy of the decision is available below.

• Full text decision (21.7.17)
• Press release: Tesco/Booker merger referred for in-depth investigation (12.7.17)

Fast track application

29 June 2017: Tesco and Booker have requested that the CMA make a fast track referral to phase 2 in its investigation into the merger.

Press release: Tesco/Booker request fast track referral (29.6.17)

Invitation to comment: now closed

30 May 2017: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

Launch of merger inquiry

30 May 2017: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement of initial period notice (30.5.17)
• News story: CMA opens Tesco/Booker merger investigation (30.5.17)

Initial enforcement order

The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Booker Group plc.

• Initial enforcement order (30.5.17)

Amendments/consents granted

• Derogation 21 September 2017 (25.9.17)

Published 30 May 2017
Last updated 20 December 2017 + show all updates

1. 20 December 2017

   Full final report published.

2. 20 December 2017

   Summary of final report published.

3. 14 November 2017

   Full provisional findings report and retailer survey report published.

4. 14 November 2017

   Summary of provisional findings published.

5. 1 November 2017

   Timetable updated.

6. 17 October 2017

   Hearing summary published (under ‘Evidence’).

7. 10 October 2017

   Timetable updated.

8. 6 October 2017

   Letter added.

9. 5 October 2017

   Interview summaries published.

10. 25 September 2017

    Derogation published (under 'initial enforcement order').

11. 13 September 2017

    Response to issues statement published.

12. 5 September 2017

    Responses to issues statement published.

13. 24 August 2017

    Response to phase 1 decision and issues statement published.

14. 9 August 2017

    Issues statement published.

15. 28 July 2017

    Timetable published.

16. 21 July 2017

    Full text of the decision published.

17. 14 July 2017

    Inquiry group appointments added.

18. 13 July 2017

    Terms of reference published.

19. 12 July 2017

    Reference decision announced.

20. 29 June 2017

    Fast track application announcement added.

21. 30 May 2017

    First published.