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)
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