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Walmart's Asda to Merge With Sainsbury's
01 May 2018, 08:56 | Vickie Mathis
The supermarkets employ about 342,000 people in more than 1,000 stores across the countryCHRIS J RATCLIFFE GETTY IMAGES
Both the Sainsbury's and Asda brands would be retained, and Sainsbury's said there are no plans to close any stores, stating that there will be more opportunities for the combined workforce of more than 330,000 "at all levels".
The deal - likely to face close scrutiny by competition authorities - will create a grocery powerhouse overtaking Tesco as the number one player in the sector, with combined revenues of £51bn.
Mike Coupe, Sainsbury's chief executive, painted a rosy picture for customers when he said the merger would bring prices down by about 10 percent.
Sainsbury's said the new group would seek to lower prices by around 10 percent on many popular products, and anticipates cost savings of at least £500 million.
"As one of the largest employers in the country, the combined business will become an even greater contributor to the British economy".
Sainsbury's has agreed to buy Walmart's United Kingdom unit, Asda, for 7.3 billion pounds ($10.1 billion) in cash and stock in a deal that would create Britain's largest supermarket chain and marks a profound shift in the country's grocery market.
Another loser was global miner Glencore, down almost 5 percent after subsidiaries in the Democratic Republic of Congo were served freezing orders for alleged unpaid royalties of almost $3 billion by a company affiliated with Israeli billionaire Dan Gertler.
LONDON, April 30 (Reuters) - British shares closed slightly higher on Monday, but the planned merger between Sainsbury's and Asda, the United Kingdom arm of Walmart, sent shockwaves through British retail stocks as investors sought to adjust to a potentially game-changing overhaul of the industry.
Speaking to just-style, Lim says in terms of driving operational efficiencies and having greater buying power, the merger could also put both companies in a better position to be able to compete with value clothing retailers.
If it goes ahead, the combination will create a high street titan with a bigger share of the market than Tesco. Asda has a strong presence in the north of England and Sainsbury's in the south.
Together, Sainsbury's and Asda have 2,800 stores.
The Labour Party's business spokeswoman, Rebecca Long-Bailey, has already called for an investigation of the proposed deal.
Sir Vince said the CMA should force the companies to sell off stores if the merger meant the new giant was dominant in a particular area, telling the watchdog's new chief, Andrew Tyrie, to "get tough with monopolies".
But Monday's deal was quickly rounded upon by British opposition politicians who said shoppers and workers would suffer from rising prices and job cuts.
Shares in Sainsbury's rocketed 20% at the market open as investors interpreted the deal as a boon for the firm. Tesco shares were down 4 percent, Morrison shares were down two percent.
Separately, Sainsbury's revealed that its full year pre-tax profit fell 19% to £409 million.
Asda, meanwhile, saw its fourth consecutive quarter of positive like-for-like sales growth in the three months to March 31.
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