The US$68.7-billion tech deal—the largest ever attempted in the sector—was blocked by the country’s Competition and Markets Authority to “protect innovation and choice in cloud gaming,” the regulator said in a statement. (The Logic)

Talking point: The U.S. Federal Trade Commission had also sought to prevent the takeover of the video game publisher in December, though Microsoft argued the acquisition would be good for gamers and competition. While the case is still pending in a U.S. federal docket, the decision has already been made across the pond. The U.K. competition regulator said Microsoft’s proposal “contained a number of significant shortcomings” that would stifle the “dynamism and creativity of competition in the market.” Microsoft vice-chair and president Brad Smith said the company intends to appeal the decision. Activision shares plunged more than 11 per cent while Microsoft, which released its latest earnings report Tuesday, closed up seven per cent Wednesday.