If the deal goes through Walmart, owner of Asda, would hold a 42 per cent stake but only 29.9 per cent of the voting rights PHIL NOBLE/REUTERSShareholders in J Sainsbury have backed the retailer’s proposed deal to merge with Asda in a transaction that would redefine the British grocery market. Shares in Sainsbury’s closed up nearly 15 per cent at 309p yesterday after the grocer revealed the terms of a deal to combine Britain’s second and third largest grocers. News of the possible tie-up, which has already secured the support of the Qatar Investment Authority, Sainsbury’s biggest shareholder, came after nearly two years of talks between Sainsbury and Walmart, the American owner of Asda. The deal, if approved, would create Britain’s largest supermarket group, with a network of 2,800 Sainsbury’s, Asda and Argos stores, pushing Tesco into second place. Under the terms of the deal, Walmart would take a 42 per…

Source: The Times April 30, 2018 22:52 UTC