News 

Asda sales slow ahead of verdict on Sainsbury’s merger

“Asda’s sales growth slowed over the crucial Christmas quarter as the supermarket waits for the outcome of a lengthy competition inquiry into its merger with rival Sainsbury’s” writes Ashley Armstrong for telegraph.co.uk. The Walmart-owned chain posted a 1pc rise in like-for-like sales for the three months to Dec 31 – the seventh consecutive quarter of positive growth.However, while the lift in sales demonstrates the extent of Asda’s turnaround from the 7.5pc sales tumble it posted in 2016 – the worst in its history – its rate of growth has slowed compared…

Read More
News 

Top T-Mobile and Sprint executives defend merger to Democrats

“The big picture: Democrats’ concerns about the impact of the merger ran the gamut” reports axios.com. What’s next: The House Judiciary Committee had planned a hearing with the executives, but that was postponed — raising the prospect the executives will face another grilling from lawmakers in the future.The bottom line: Congress has no say in merger approvals.Details: T-Mobile CEO John Legere was aggressive in maintaining that costs would not go up for consumers and that the company would not employ fewer people after the merger than the two do now. Source:…

Read More
News 

Sprint and T-Mobile make merger case to House committee, pledging to take on cable companies and accelerate 5G

“But not everyone is convinced that removing a competitor from the market will increase competition” writes Monica Nickelsburg for geekwire.com. For months, Legere and Sprint CEO Marcelo Claure have argued that their combined company would accelerate deployment of 5G wireless technology and improve service to rural Americans.So he said Monday in a hearing of the U.S. House Energy and Commerce Committee over his company’s proposed merger with Sprint.In April 2018, T-Mobile and Sprint agreed to merge and create a $146 billion company under the T-Mobile name. Source: geekwire.com

Read More
News 

T-Mobile CEO to defend Sprint deal in Congress

“Unions, consumer advocates, rural operators and some lawmakers have criticized the deal, saying it will cause job losses and lead to higher prices” reports businessinsider.com. Consumer advocates have said that since Sprint and T-Mobile have a big market share in prepaid plans favored by the poorest wireless customers, they were likely to be disproportionately hurt by the deal. Source: businessinsider.com

Read More
News 

Democratic senators urge administration to reject Sprint T-Mobile merger

“The Sprint logo is displayed on a a screen on the floor of the NYSE in New York City Thomson Reuters WASHINGTON (Reuters) – A group of seven Democratic U.S. senators and independent Senator Bernie Sanders on Tuesday urged the Justice Department and Federal Communications Commission to reject the proposed $26 billion merger between T-Mobile US Inc and Sprint Corp” reports businessinsider.com. The merger is “likely to raise prices for consumers, harm workers, stifle competition, exacerbate the digital divide, and undermine innovation,” they wrote. A U.S. House panel is set…

Read More
News 

A fight is heating up over T-Mobile’s $26 billion deal with Sprint as the companies try to convince lawmakers the tie-up will be good for consumers

“The coalition opposed to the deal also met with staffers for all five FCC members this past week, according to agency filings” writes David Mccabe for businessinsider.com. T-Mobile CEO John Legere and Sprint executive chairman Marcelo Claure will be pitching their companies’ $26 billion merger before Congress this week, hoping to ease lawmaker’s concerns about wireless competition while pushing the tie-up as a key part of the nation’s 5G quest.Why it matters: It’s a key test for a deal that would reduce the number of major national wireless carriers from…

Read More
News 

French minister blasts EU decision to block Alstom-Siemens merger in face of Chinese competition

“I think it was a mistake from the EU commission to refuse that merger between Alstom and Siemens,” Le Maire added” writes Natasha Turak for cnbc.com. France’s finance minister expressed his disappointment at a recent EU decision to block a major rail merger, calling for competition rules to be changed to enable European firms to become stronger on the global stage.His comments come after the European Union blocked a rail deal between Alstom and Siemens on Wednesday, citing competition concerns.The merger proposal between the French and the German companies planned…

Read More
News 

SunTrust and BB&T are merging — here’s what customers need to know

“Banks could lose customers to other financial services firms, including online banks” writes Jacob Passy for marketwatch.com. Large regional banks SunTrust STI, -0.54%  and BB&T BBT, -0.44%  announced Thursday that they plan to combine in a roughly $66 billion all-stock merger, which is easily the largest bank merger since the 2008 financial crisis.For BB&T and SunTrust’s existing customers, the merger will mean that they will have access to a wider branch and ATM network overall.A merger can cause any number of basic banking services to become more complicated in the…

Read More
News 

BB&T and SunTrust banks announce surprise $66B merger

“The new bank will be led by BB&T CEO Kelly King until September 2021, when SunTrust CEO William Rogers will take over, according to the announcement” reports nypost.com. BB&T and SunTrust, two of the biggest regional banks in the US, are merging in an all-stock, $66 billion deal — the first major bank tie-up since the financial crisis.During the Obama era, regulators required banks to keep higher excess capital to prevent shocks to the financial system, and prevented major financial institutions from acquiring each other.It’s gotten harder in recent years…

Read More
News 

BB&T to buy SunTrust: It’s the biggest bank merger in a decade

“Industry executives have long predicted a wave of bank mergers that until Thursday had played out only in smaller or midsize deals” reports latimes.com. Brian Moynihan, chief executive of Bank of America Corp., said last month that he could envision the creation of another megabank, given the large number of small players spread through the country. And Ernst & Young said it expects a flurry of transactions this year, fueled by easing regulations and the U.S. tax overhaul, which helped lenders build a war chest to spend on acquiring new…

Read More