Ardonagh offers to unwind Bennetts Motorcycling Services to address UK CMA concerns
( September 30, 2020, 06:24 GMT | Official Statement) -- MLex Summary: Insurance broker Ardonagh has proposed to fully unwind its completed purchase of insurance agency Bennetts Motorcycling Services after the UK Competition and Markets Authority raised concerns about the deal. Following a phase I investigation, the CMA found the deal could lead to higher prices, less choice and worse services for motorcyclists in the UK. The CMA said Ardonagh's proposal effectively reverses the deal completely and should, in principle, be capable of remedying the competition concerns it has identified. It has an initial deadline of Nov. 25 to make its final decision on whether to accept the proposed remedy and will consult publicly on detailed aspects of the offer in the coming weeks.A statement from the CMA follows....
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.