The UK takeover panel has given Dixons Group and Carphone Warehouse more time to negotiate a potential merger. The companies now have until May 18th to agree the deal which could be worth approximately £4 billion and create a group with 2,900 stores across Europe.

"Since the announcement of February 24th was made when discussions were at a very preliminary stage, both parties have agreed that they require more time to evaluate a potential merger of the two businesses," the two companies said on Monday.