LONDON (ShareCast) - (Sharecast News) - OneSavings Bank and Charter Court Financial Services Group updated the market on their proposed merger on Tuesday, confirming that they had received clearance from the competition watchdog to proceed with their plans.
The two FTSE 250 companies initially announced their proposal on 14 March, saying they had reached agreement on the terms of a recommended all-share combination for the entire issued and to-be-issued share capital of Charter Court.

In particular, the combination remained subject to a number of conditions, including that it was conditional on the Competition and Markets Authority confirming, in terms "reasonably satisfactory", that the combination would not be subject to a reference under sections 22 or 33 of the Enterprise Act 2002.

"OSB and Charter Court are pleased to confirm that, on 30 July, the CMA announced that it does not intend to refer the combination under the provisions of the Enterprise Act 2002 and that the CMA's clearance was unconditional," the two firms said on Tuesday.

"The CMA condition has therefore been satisfied."

They noted that completion of the combination remained subject to other outstanding conditions, including receipt of regulatory approvals from the Financial Conduct Authority and the Prudential Regulation Authority.

"Further announcements will be made as necessary in due course."

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