A US judge blocked the pending $8.5 billion merger of US handbag and accessories maker Tapestry and Capri on Thursday, a victory for the US Federal Trade Commission in an industry where merger challenges are rare.
The FTC argued at an eight-day trial in New York that the merger would eliminate fierce head-to-head competition between the top two US handbag makers and create a massive company with the power to unfairly raise prices for consumers.
Tapestry fought those claims, saying the deal was spurred by an intensely competitive US handbag industry and was needed to fight back against European players like Gucci, which are increasingly
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