In making a report on a reference1, the Competition and Markets Authority ('CMA')2 must include definite conclusions on the questions contained in the reference and such an account of its reasons for the conclusions as in its opinion facilitates a proper understanding of the questions and of the conclusions3. If it concludes that any of the matters specified in the reference operate against the public interest or may be expected to do so, it must specify the effects adverse to the public interest which the matters have or may be expected to
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