UK's competition regulator clears $3.32 bln Barratt-Redrow deal
Adds details of CMA decision in paragraph 2, Barratt statement in paragraphs 4 and 5
Oct 4 (Reuters) -Britain's competition regulator said on Friday it has cleared Barratt's BDEV.L 2.52 billion pound ($3.32 billion) all-stock acquisition of smaller rival Redrow, after accepting the undertakings offered by the two homebuilders.
The Competition and Markets Authority said it has decided not to refer the deal, announced in February this year, to an in-depth Phase 2 probe.
In August, the regulator had raised competition concerns over a local area that contained one Redrow and four Barratt developments and had fewer than 10 plots remaining to sell.
Barratt said in a separate statement it intends to "substantially complete" the implementation of an integration plan within 18 months from the legal completion of the deal.
The FTSE 100 .FTSE company also said synergies from the acquisition are expected to be realised fully within three years following the completion of the deal.
($1 = 0.7594 pounds)
Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Krishna Chandra Eluri
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