Tesco PLC (TSCO.LN) said Thursday it has requested the U.K.'s competition regulator to fast track its inquiry into the company's acquisition of food wholesaler Booker Group PLC (BOK.LN).
The retailer added that it anticipates the U.K. Competition and Markets Authority to issue a decision on whether to refer the merger to a phase two investigation in the next two weeks.
Continue Reading Below
Tesco agreed in January to buy Booker for 3.7 billion pounds ($4.76 billion), a deal which combines the U.K.'s largest retailer with the country's largest food wholesaler, a surprise move that could bring hefty cost savings for the supermarket operator.
The competition regulator is currently undertaking its first phase of its investigation into the deal.
Write to Tapan Panchal at firstname.lastname@example.org
(END) Dow Jones Newswires
June 29, 2017 02:34 ET (06:34 GMT)