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Competition and Markets Authority refers SSE and Npower merger for full investigation

Last month, the watchdog gave the two energy suppliers a chance to address concerns that the merger would reduce competition but they failed to provide any possible remedy

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A final decision from the CMA is expected in October

The UK competition watchdog has referred the proposed merger between energy suppliers SSE plc (LON:SSE) and Npower for an in-depth investigation amid competition concerns.

Last month, the Competition and Markets Authority’s phase 1 investigation found that the tie-up could reduce competition, potentially leading to higher prices for some bill payers.

READ: CMA to further scrutinise SSE-Npower merger

It offered SSE and Npower the chance to provide some remedies and ease its concerns but said today that the two companies failed to do so.

A final decision on the merger will now be due on October 22.

The two energy giants announced back in November that they would merge their businesses to form a new, publicly-traded company.

The combination of SSE and Npower, owned by Germany’s Innogy, would reduce Britain’s Big Six energy suppliers to five.

SSE shares were flat at £13.95.

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