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| Carphone Warehouse and Dixons confirm all-share merger of equals | Carphone Warehouse and Dixons confirm all-share merger of equals |
| (about 2 hours later) | |
| Carphone Warehouse and Dixons have announced an all-share merger of equals in a deal worth £3.8 billion as the high street giants aim to build a multi-billion pound electronics business. | Carphone Warehouse and Dixons have announced an all-share merger of equals in a deal worth £3.8 billion as the high street giants aim to build a multi-billion pound electronics business. |
| However, the City was not convinced, with Dixons, which owns Currys and PC World, falling 3.8 per cent to 48.95p and Carphone off 2.4 per cent to 320p, despite the latter pledging to avoid the mistakes made in its failed joint venture with United States giant Best Buy. | |
| The pair today confirmed speculation talks over the deal, which began in February, had been completed with a 50-50 partnership called Dixons Carphone. | The pair today confirmed speculation talks over the deal, which began in February, had been completed with a 50-50 partnership called Dixons Carphone. |
| The duo hope to save £80 million in costs by merging but have said the main motivation for the move is to harness the increasingly interdependence of smartphones and electrical appliances. | The duo hope to save £80 million in costs by merging but have said the main motivation for the move is to harness the increasingly interdependence of smartphones and electrical appliances. |
| Dixons boss Sebastian James will be the chief executive of the new company, Carphone founder Sir Charles Dunstone its chairman and Carphone boss Andrew Harrison will be deputy chief executive. | Dixons boss Sebastian James will be the chief executive of the new company, Carphone founder Sir Charles Dunstone its chairman and Carphone boss Andrew Harrison will be deputy chief executive. |
| Sir Charles Dunstone, Chairman of Carphone said: "We have a deep respect for each other and we see the merger of these two great companies as an opportunity to bring our skills together for the consumer and create a new retailer for the digital age. | Sir Charles Dunstone, Chairman of Carphone said: "We have a deep respect for each other and we see the merger of these two great companies as an opportunity to bring our skills together for the consumer and create a new retailer for the digital age. |
| “We are also creating jobs and we see many opportunities for further growth. This is a new chapter for both businesses and we are energised and proud to be part of what will be another fantastic journey for consumers and shareholders." | “We are also creating jobs and we see many opportunities for further growth. This is a new chapter for both businesses and we are energised and proud to be part of what will be another fantastic journey for consumers and shareholders." |
| Dixons chairman John Allan added: "This merger will create a new, world class British retailer for the new digital age, with new opportunities for growth and greater scale and reach." | Dixons chairman John Allan added: "This merger will create a new, world class British retailer for the new digital age, with new opportunities for growth and greater scale and reach." |