Merger Between Falabella and D&S Blocked

The merger of two of Chile's largest retailers has been blocked by the country's competition watchdog. The all-share merger between food retailer D&S and department store chain Falabella would have created a retailing giant with a market capitalisation of around US$15bn. However, Chile's Free Competition Defence Court (TDLC) has ruled that the merger would create a company that would be dominant in nearly all sectors and make it too difficult for new operators to enter the market. The two companies are likely to appeal the decision, but given the strength of language used in the TDLC ruling, BMI thinks it

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