It would be the biggest shake-up in the market since the merger of Morrison and Safeway in 2003 when dozens of stores changed hands. Putting Argos outlets into Asda stores is expected to bring about £75m of those benefits. Annual sales Annual sales“Having worked at Asda before Sainsbury’s,” he added, “I understand the culture and the businesses well and believe they are the best possible fit. Sainsbury’s shares soared more than 20% to 324p on confirmation of the deal to the highest level since 2014. The supermarket’s biggest shareholder, the Qatar Investment Authority which holds a 22% stake, has confirmed its intention to support the merger.

Source: The Guardian April 30, 2018 06:49 UTC