Dixons Carphone: no longer a merger of equals

Disappointing half-year profits have laid bare the different fortunes of the combined companies
The combination of Dixons and Carphone Warehouse was billed as “a genuine merger of equals” back in May 2014, in the sense that the two sets of shareholders each got 50% of the new company. In every other respect, however, the merger now looks completely lopsided.The Dixons electricals side has enjoyed a great run, defying predictions it would be overtaken by Amazon or even AO World. Like-