Update: Sainsbury's shares near 25-year low after CMA blocks Asda merger

Sainsbury's now laggard of the sector

Sainsbury's shares were on track for their lowest point since 1989, after the Competition and Markets Authority (CMA) blocked its proposed £7.3bn merger with Asda.

Down nearly 5%, the shares are trading at 216p as of 10.34am GMT, close to their lowest level in 25 years. The shares reached a high of £6 back in 2007, but have struggled since then. The competition regulator threatened to block the merger earlier in the year, sending Sainsbury's share price plummeting 14%, citing concerns the merger would create "extensive" competition concerns. The latest news has sent the share price even lower, to trade at 217p at market open. In February, the regulator said the merger could result in "higher prices, reduced quality and choice, and a poorer overa...