Competition review into Rank's deal
Tuesday 21 August 2012
The Competition Commission is to review Rank's proposed acquisition of a rival casino business after a referral by the consumer watchdog, the Office of Fair Trading (OFT), which is concerned the tie-up will reduce competition in the sector.
Rank in May agreed to buy the casino business of private equity-owned Gala Coral in a £205m deal which would add 23 UK casinos to its existing, 35-strong chain and make it Britain's biggest operator.
"Rank and Gala are two of only three large national casino operators in the UK," the OFT said.
"This merger would represent a major consolidation which could be expected to reduce competition, both locally and nationally."
The review by the competition regulator will delay the completion of Rank's acquisition.
The company last week said it had expected that the deal would be finalised in the third quarter of this year, but the Competition Commission will not report back until February 2013, pushing back the date for completion.
Rank yesterday said it was considering the implications of the referral and would make a further announcement in due course.
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 3 Oil tanker with $100 million cargo goes missing off Texas coast
- 4 George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
- 5 Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway attacked on Notting Hill street by man 'shouting about the holocaust'
Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
- < Previous
- Next >
iJobs Money & Business
£50000 - £80000 per annum + benefits+bonus+package: Harrington Starr: Data Sci...
£450 - £500 per day: Orgtel: SAS Business Analyst, London, Banking, Credit Ris...
£32000 - £38000 Per Annum Bonus, Life Insurance + Other Benefits: Clearwater P...
£200 - £250 per day + competitive: Orgtel: KYC Analyst, Key Banking Client, Bi...