Hawley urges blocking Capital One acquisition of Discover

Sen. Josh Hawley, R-Missouri, called on Jonathan Canter, assistant attorney general of the Justice Department’s Antitrust Division, to end Capital One’s planned acquisition of Discover.

“This is the most disruptive corporate merger of all time. If completed, this merger will create a new behemoth in the credit card market that will take unprecedented robbery from American consumers.” he declared in a statement. letter To Mr. Canter.

“You must join with other regulators to take the lead in blocking this merger. “Decades of American political economy have shown us that the purported profits of monopoly never spill over to the general public. Instead, consolidation benefits shareholders and a minority of executives, not ordinary Americans,” the senator said. I have written.

Democratic Sen. Elizabeth Warren of Massachusetts has also called for a halt to the deal.

“The @CapitalOne and @Discover merger will threaten our financial stability, reduce competition, and increase fees and credit costs for American households. This Wall Street deal is risky and will harm working people. Regulators must stop it now,” Warren said. declared In the post of X.

a press release Regarding the deal, it said: “Under the terms of the agreement, Discover stockholders will receive 1.0192 Capital One shares for each Discover share. This is based on Discover’s closing price of $110.49 on February 16, 2024. This corresponds to a premium of 26.6%.”

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