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Idas Said:

I think that FT has direct sources in this case. Reuters is just speculating with the timing: "Britain's competition regulator has not given any further clarification on its U-turn or the new investigation, including whether it would fit into its Phase 1 and 2 process, the latter of which can take up to a year."

All in all, this sounds like a better and faster way: "new deal", new review process, around 3-4 months, likely no behavioural remedies, local structural remedies only.

The CAT appeal was a wildcard (hard to win, easy to lose even in this case) and it would take until September. Then, if MS was successful (and who knows on what grounds) add 3-5 months for the CMA to review the case again . So, a riskier, longer and more limited way.

Sounds to me like MS made a smart move.