Sainsbury’s and Asda will confirm on Monday the details of a £15bn merger creating a new grocery superpower that would ring up nearly £1 in every £3 spent on groceries on the UK high street. The shock deal was revealed on Saturday and immediately triggered fears of thousands of job losses. Staff were in “utter disarray”, he said, adding: “Staff are already facing uncertainty through restructuring and changes to contracts at [Sainsbury’s]. The shares-based deal is expected to create a combined company worth £15bn including debt, led by current Sainsbury’s boss Mike Coupe. One senior industry source said that Walmart had been trying to sell the struggling Asda chain for some time.

Source: The Guardian April 29, 2018 18:12 UTC