20th Jun 2018 15:02
LONDON (Alliance News) - Reach PLC, formerly known as Trinity Mirror PLC, said Wednesday that the UK government is no longer investigating Reach's acquisition of Northern & Shell's UK publishing assets.
"We welcome today's decision by the Secretary of State. Today we are two successful separate news organisations, but together we will be stronger and better able to compete and adapt to the challenging conditions in which we operate," said Reach Chief Executive Simon Fox.
In May, UK Culture Secretary Matt Hancock issued a public interest intervention notice for the deal. UK watchdogs Ofcom and the Competition & Markets Authority were then obligated to report on the public interest considerations and any competition issues by May 31.
The newspaper publisher said now that the decision by the Secretary of State for Digital, Culture, Media & Sport to conclude the investigation "completes the regulatory review process in the UK ".
The Competition & Markets Authority separately said that it has decided not to refer the merger to an in depth investigation.
Shares in Reach were trading 1.2% higher at 77.96 pence each.
Related Shares:
Reach Plc