4/25, 9:25 AM (Source: TeleTrader)
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Sainsbury's shares drop to 33-month low

British supermarket chain Sainsbury plc saw its shares drop over 4% in early trading on Thursday after the Competition and Markets Authority (CMA) of the United Kingdom blocked its takeover of Asda retailer, owned by Walmart Inc.

The CMA found that the merger would result in increased prices for customers. Sainsbury's CEO Mike Coupe responded that the decision "ignores the dynamic and highly competitive nature of the UK grocery market," and effectively takes "£1 billion out of customers' pockets."

At 9:07 am CET, Sainsbury's shares were down 3.75% to £218.10, lowest since July 7, 2016.

Breaking the News / NI