REG - Competition and Mkts - Merger Update: Beacon / Eversholt

Start of CMA Merger Investigation: Beacon Rail Lux Holdings S.à r.l. / Eversholt UK Rails Limited

The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that merger may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA announced the launch of its merger inquiry by notice to the Parties on 28

November 2025 and has a deadline of 30 January 2026 for its phase 1 decision.

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By P.R. Venkat

Hong Kong-based conglomerate CK Hutchison is planning a dual listing of one of the world's largest health and beauty retailers, which could raise up to US$2.0 billion, people familiar with the process said.

The groundwork to list AS Watson Group in Hong Kong and the U.K. is already in process, with the initial public offerings targeted for the first half of next year, the people said.

CK Hutchison declined to comment.

CK Hutchison had previously delayed plans to list Watson due to the pandemic, and then because of weak investor appetite for new offerings over the past several years, but the current upswing in market momentum has opened a window of opportunity.

Hong Kong has emerged as one of the world's busiest IPO markets this year, drawing Chinese issuers across sectors ranging from technology to biotechnology. In the first 10 months of 2025, IPOs in the city raised 216.0 billion Hong Kong dollars, equivalent to about US$28.0 billion, more than triple the amount raised in the same period last year, according to the Hong Kong Stock Exchange.

Year to date, Hong Kong's benchmark Hang Seng Index is up about 29%.

Founded more than 180 years ago, Watson says it is the biggest health and beauty retailer globally by number of stores. It operates 17,000 offline and online outlets in 31 markets.

Some of its brands include health & beauty specialist Watsons, ParknShop supermarkets, the Fortress electrical appliances chain, and wine store Watson's Wine.

In Europe, the group operates leading health & beauty retailers such as Kruidvat, Superdrug, Rossmann, Savers, Trekpleister and Drogas. It also owns premium perfumery and cosmetics brands ICI Paris XL and The Perfume Shop.

In 2014, Singapore state investment firm Temasek Holdings acquired a stake in the company for US$5.7 billion.

Watson's parent, CK Hutchison, is among the largest companies listed on the Hong Kong stock exchange, with a market capitalization of close to US$26.0 billion. Its main businesses include ports and related services, retail, infrastructure and telecommunications.

Write to P.R. Venkat at venkat.pr@wsj.com

Invitation to Comment: Anticipated acquisition by Beacon Rail Lux Holdings S.à r.l. of Eversholt UK Rails Limited

The CMA is issuing this preliminary 'invitation to comment' to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction. This invitation to comment is the first part of the CMA's information-gathering process.

Invitation to comment: closes 27 October 2025

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Written representations about any competition issues should be provided by the deadline set out above to:

beacon.eversholt@cma.gov.uk 

Principal Case Officer: Victoria Xia, 020 3738 6875, Victoria.Xia@cma.gov.uk 

Case Officer: Shivani Malik, 020 3954 8481, Shivani.Malik@cma.gov.uk 

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy Notice.

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By Dominic Chopping

Vodafone Three selected Ericsson and Nokia for a 2 billion pound ($2.69 billion) contract to supply network technology across the U.K.

Vodafone Three--formed through the merger earlier this year of Vodafone's U.K. business with rival operator Three U.K.--has pledged to invest 11 billion pounds to create an advanced 5G network over the next 10 years.

The deals outlined Monday form part of that commitment, with an eight-year contract to deliver network technology to over 17,000 sites.

Ericsson will modernize existing 4G and 5G infrastructure and deploy its network at over 10,000 sites in the U.K., as Vodafone Three targets a population-wide rollout of 5G connectivity by 2034. Nokia will supply its network technology to around 7,000 sites across the U.K.

The two Nordic companies make up the majority, but not the entirety, of the network build which will culminate in a greater number of sites, VodafoneThree said in a statement.

Four additional British-based site-build partners will support delivery of work to enable the buildout across the U.K. These include Beacon Communication Services, Circet Wireless, M Group and WHP Telecoms.

Write to Dominic Chopping at dominic.chopping@wsj.com

Revenue grew 3% year-over-year with strong underlying profit, but reported earnings fell sharply due to a one-time UK telecom merger loss; liquidity and leverage improved, and all core segments delivered growth except for China retail.

Original document: CK Hutchison Holdings Ltd [1] Earnings Release — Aug. 14 2025

Revenue grew 3% to HK$476.7B, but underlying profit fell 10% due to higher taxes and a HK$3.7B Vietnam telecom impairment. Ports and telecoms saw strong growth, while retail and infrastructure were steady. Net debt ratio remained low at 16.2%.

Original document: CK Hutchison Holdings Ltd [1] Earnings Release — Mar. 20 2025