Complex sentence: Granada was permitted by the government to merge with Carlton on 2 February 2004 to form ITV plc. The move was a takeover by Granada whose market capitalisation was double that of Carlton at nearly £2 billion.
Split into simpler sentences: Granada was permitted by the government to merge with Carlton. The merger took place on 2 February 2004 and the new company called ITV plc. The move was a takeover by Granada whose market capitalisation was double that of Carlton at nearly £2 billion.