UK supermarket operator J Sainsbury has said it is no longer seeking regulatory clearance to buy 171 Somerfield stores, should they ever come up for sale.
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Sainsbury’s said it had decided to withdraw its interest after the UK government decided at the end of July to refer the potential bid to the Competition Commission.
The retailer had originally hoped to buy the stores from a consortium that launched a bid for Somerfield, but that consortium has since withdrawn its offer. Sainsbury’s asked for regulatory approval anyway, just in case the consortium launched another bid, or another suitor for Somerfield emerged, reported Reuters.
“I was disappointed with the outcome of the regulatory process. However, given the current level of regulatory uncertainty in the food retail sector, we have decided not to pursue the transaction any further,” Sir Peter Davis, Sainsbury’s chief executive, was quoted by AFX News as saying.
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