Sainsbury’s swoops for Asda to create £51bn-revenue grocery giant
A £51bn-revenue grocery giant will be created through the merger of two of the UK's largest 'Big four' supermarkets - Sainsbury's and Asda - in a bid to respond to "significant and rapid" change in the sector.
The merger will result in Walmart holding 42% of the issued share capital, receiving £2.9bn cash; valuing Leeds-headquartered Asda at £7.3bn.
In an update to the markets this morning, Sainsbury's said the supermarkets would maintain both brands and combine more than 2,800 Sainsbury's, Asda and Argos stores and retail we... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
