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Ladbrokes/Coral must sell stores to get merger clearance - UK competition regulator

Reuters - UK Focus

LONDON, July 25 (Reuters) - Bookmakers Ladbrokes and Gala Coral must sell around 350 to 400 shops in order to obtain clearance for their proposed merger, Britain's competition regulator said on Tuesday.

The Competition and Markets Authority (CMA) said that a tie-up between Britain's second and third largest bookmakers may give rise to competition issues in 642 local areas.

The CMA said the sales must be substantially completed before the merger can go ahead.

Ladbrokes (LSE: LAD.L - news) agreed the terms of a 2.3 billion pound ($3.01 billion) all-share merger with Coral in July last year, and shareholders backed the deal in November.

The combined group will overtake market leader William Hill (Other OTC: WIMHF - news) . ($1 = 0.7631 pounds) (Reporting by James Davey; editing by Sarah Young)