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Pets at Home, CVS Shares May Struggle as Probe Weighs
1052 GMT - Shares in Pets at Home and veterinary firm CVS group drop 9% and 29% respectively after the U.K. competition watchdog launched a probe into the veterinary-services market, citing concerns that pet owners may not be getting a good deal. The sell-off in the stock of Pets and CVS, as investors ponder the potential implications of such a review, could be an over-reaction, although the Competition & Markets Authority investigation appears to have a wide-ranging remit, AJ Bell says. "The problem for both businesses is the process is likely to be time-consuming and, with a further update not due until early 2024, it could weigh on both stocks for some time to come," Bell's investment director Russ Mould writes. (philip.waller@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires;
(END) Dow Jones Newswires
09-07-23 0736ET
