1147 GMT - The U.K. Competition and Markets Authority's investigation into Global Business Travel's planned $570 million bid for CWT Holdings is fatally flawed, a filing from both companies says. A CMA probe found in November that the two companies compete closely for multinational customers and their merger risks reducing choice and raising prices. The companies hit back saying the CMA's definition of their market was "fundamentally erroneous". They said the regulator's interim decision was "fatally undermined by a biased and unrepresentative market investigation," and insisted they faced strong competition from other travel companies as well as hotels and airlines. GBT and CWT offered concessions, including price commitments and selling off some customer contracts to a rival, to get their deal greenlit by CMA's provisional Jan. 26 deadline and to end the probe. (edith.hancock@wsj.com)
(END) Dow Jones Newswires
January 10, 2025 06:47 ET (11:47 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。