Shares in UK supermarket chain Sainsbury's (JSNSF) have tanked 15% after British regulators voiced skepticism over its merger with Asda, which is owned by Walmart (WMT).
The Competition and Markets Authority said the deal could lead to higher prices and less choice for shoppers.
The watchdog also said it was worried about potential price hikes at gas stations owned by the two chains.
The findings are provisional, and the two companies will now have a chance to respond.
Sainsbury's said it was "surprised" by the findings, and vowed to continue to fight for the merger, which would result in the country's largest supermarket chain.
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