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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson and Johnson | NYSE:JNJ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.09% | 148.72 | 149.73 | 148.45 | 149.38 | 7,333,732 | 00:03:46 |
By Ed Ballard
LONDON--U.K. consumer goods company Reckitt Benckiser Group PLC (RB.LN) is facing an investigation into its acquisition of intimate lubricant brand K-Y after a U.K. regulator said it could harm consumers.
Reckitt, which already sells lubricant under the Durex brand, agreed to buy the K-Y brand from Johnson & Johnson subsidiary McNeil-PPC Inc. for an undisclosed sum last March.
In December, the U.K.'s Competition and Markets Authority said the deal could result in a "substantial lessening of competition" and higher prices for consumers because no other brands are available in many shops, and asked Reckitt and J&J to take steps to allay their concerns.
The CMA said Wednesday it is beginning "an in-depth phase 2 investigation" after measures put forward by Reckitt since December were found to be insufficient. The CMA didn't say what the measures were.
"The transaction will further reduce the choice available to retailers and ultimately consumers and may give the merged company the ability to raise prices or reduce the quality or range of these products," said Sheldon Mills, the CMA's senior director of Mergers.
Write to Ed Ballard at ed.ballard@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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