Mr Willis said previous mergers had resulted in much "greater rationalisation" than the coupling firms ever envisage. Announcing the merger, Dixons chief executive Sebastian James, said: "The ability to take what we have built in electrical retailing and add the profound expertise of Carphone Warehouse in connectivity would make us a leading force in retailing for a connected world." Carphone founder, Sir Charles Dunstone, added: "We see the merger of these two great companies as an opportunity to bring our skills together for the consumer and create a new retailer for the digital age." Mr Willis painted a bleak picture for jobs as a result of the merger. He said share prices of both companies fell once the announcement was made yesterday due to what he perceived as "the scope for substantial rationalisation". "This is a 50/50 merger and that, perhaps, is what caused Dixons' share price to go down, with the perception that it is maybe worth more.