22nd Oct 2024 17:22
(Alliance News) - The EU on Tuesday said it has conditionally approved British sports fashion retailer JD Sports Fashion PLC's EUR520-million bid for French peer Courir.
JD Sports first announced its plans in May last year as it pursued expansion in Europe and North America.
The European Commission, the EU's antitrust regulator, gave the green light for the purchase after the companies offered commitments to address the bloc's concerns.
The remedies offered include divesting all Courir stores in Portugal and several shops in certain parts of France to Snipes, a "direct competitor" in the leisure sports goods market, the commission said.
"We had concerns that the acquisition of Courir by JD Sports could affect the retail markets for sports footwear in France and Portugal," EU competition chief Margrethe Vestager said in a statement.
"The divestiture of certain Courir stores to Snipes will preserve competition in these markets, to the benefit of consumers in terms of prices, quality and choice," she added.
Shares in JD Sports closed up 0.1% at 134.10 pence each in London on Tuesday.
source: AFP
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