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| Name | Symbol | Market | Type |
|---|---|---|---|
| SSE PLC (PK) | USOTC:SSEZY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.12 | 0.56% | 21.36 | 20.95 | 22.00 | 21.45 | 20.97 | 21.19 | 29,842 | 21:00:15 |
From May 2019 to May 2024
By Adam Clark
The U.K's Competition and Markets Authority said Tuesday that it has referred the proposed merger of SSE PLC's (SSE.LN) retail division with Innogy SE's (IGY.XE) Npower for an in-depth investigation.
The CMA said SSE and Npower--the U.K. retail power business of Innogy--didn't offer any measures to address its initial findings, which concluded the deal could reduce competition and lead to higher prices for some customers.
A decision on the merger will now be made by a group of independent panel members, with a deadline for their final report of Oct. 22, the CMA said.
The two companies set out the proposed merger in November, with SSE shareholders to get a 66% stake in the combined business.
Alistair Phillips-Davies, chief executive of SSE, previously said he was confident that the proposed merger would benefit customers and the energy market as a whole as well as that the company will demonstrate this to the CMA.
Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones
(END) Dow Jones Newswires
May 08, 2018 02:46 ET (06:46 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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