EU Approves Sysco's Acquisition of UK Food Distributor Brakes
June 09 2016 - 6:51AM
Dow Jones News
By Viktoria Dendrinou
BRUSSELS -- The European Union's antitrust watchdog approved
Thursday the acquisition of U.K. food distribution Brakes Group by
U.S. company Sysco Corp.
The European Commission, the EU's executive arm, said the
takeover would not adversely affect competition in Europe.
"Consumers, hospitals, schools and other food-service customers
must be able to rely on competition to deliver affordable prices
and good service. Our investigation has confirmed that this would
be the case also after the merger," Margrethe Vestager, the bloc's
competition commissioner, said.
Sysco Corp. agreed in February to acquire Brakes Group for $800
million, sharply expanding the U.S. company's overseas presence
after regulators last year blocked its effort to buy its chief
domestic rival.
The acquisition also entails the assumption of $2.3 billion in
debt.
Write to Viktoria Dendrinou at viktoria.dendrinou@wsj.com
(END) Dow Jones Newswires
June 09, 2016 06:36 ET (10:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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