Skip to main content

Sainsbury’s, Asda Set Out to Create a ‘Dynamic New Player’ in Retail

LONDON – British supermarket giants Sainsbury’s and Walmart-owned Asda have confirmed plans to merge, creating Britain’s largest grocer with combined revenues of more than 50 billion pounds and promising “a dynamic new player” in U.K. retail. The confirmation follows a flurry of media reports over the weekend that the two retailers were poised to seal a deal in an increasingly tough market. In a joint statement issued to the London Stock Exchange Monday, the stores said the merger would result in Walmart holding 42 percent of the issued share capital of the new entity and receiving 2.98 billion pounds in cash. The deal values Asda at approximately 7.3 billion pounds, on a debt-free, cash-free and pension-free basis. Walmart will not hold more than 29.9 per cent of the total voting rights in the new business. Both the Sainsbury’s and Asda brand names will remain. The retailers said the complementary network of more than 2,800 Sainsbury’s, Asda and Argos catalogue stores will create greater choice for customers through more store formats and channels, with a combined 47 million customer transactions per week. Shares in Sainsbury’s, which is quoted on the London Stock Exchange, shot up nearly 20 percent to 3.23 pounds following the announcement. “The retail sector is

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD https://ift.tt/2FtF4dl
Labels:

Comments

Post a Comment

Popular posts from this blog

The 12 Best Floral Delivery Services to Easily Order Christmas Flowers Online

If you purchase an independently reviewed product or service through a link on our website, WWD may receive an affiliate commission. Few gift ideas have stood the test of time quite like a stunning bouquet of flowers filled with a variety of lush, blooming florals along with sprigs of complimentary greenery. Sending an arrangement of flowers is everyone’s favorite go-to gift idea to spread love on Mother’s Day, a birthday, anniversary, to say thanks, or simply show appreciation for someone special in your life. And at this time of year, sending flowers makes for an always-cherished holiday gift as well. Although fresh bouquets won’t last forever, they’re a heartwarming gift. “Flowers are something that makes everyone smile,” says Emily Reifel, director of social events at The Plaza Hotel in New York City. “With flowers, you don’t have to do anything. It’s easy — it comes, it’s beautiful, and the recipient just gets to enjoy the beauty of it. There’s no work on their end at all.” We’ve ...
Post a Comment
Read more

The 12 Best Sunscreens for Acne-prone Skin, According to Dermatologists

If you purchase an independently reviewed product or service through a link on our website, WWD may receive an affiliate commission. If you deal with acne, odds are that you think twice before applying anything new on your skin — forbid the wrong serum, moisturizer, or makeup primer causes a flare up. Sunscreen is a non-negotiable in all skin care routines, and the very best sunscreens for acne-prone skin types will keep your skin calm and covered this season. Regardless of your skin type, tone, or texture, sunscreen is vital for preventing skin cancer, hyperpigmentation, and fine lines and wrinkles. In fact, daily use of a facial sunscreen with a minimum SPF 15 may reduce your risk of developing melanoma, the most serious form of skin cancer, by a whopping 50 percent, according to a 2011 randomized controlled trial published in the Journal of Clinical Oncology. Though most dermatologists agree that SPF 30 is the sweet spot for everyday coverage — particularly in the summer, when t...
Post a Comment
Read more

Kobe Bryant and wife ‘had deal to never fly in helicopter together’

The basketball star and his daughter tragically died in a helicopter crash this week Kobe Bryant and his 13-year-old daughter Gianna both tragically died in a helicopter crash this week. And, while the NBA basketball player would regularly use helicopters to travel around Los Angeles, his wife Vanessa Bryant had previously agreed to never fly with him. A source told PEOPLE: “He and Vanessa had a deal that they would never fly on a helicopter together.” They added that Kobe “only” flew in helicopters with pilot Ara Zobayan , who was among the seven others killed in the crash, alongside Kobe and Gianna. READ MORE CELEBRITY NEWS Kobe and Gianna are survived by Vanessa, and their other daughters Natalia , Bianka , and Capri , who was only born in June last year. Kobe previously revealed he began using helicopters while he still played for the Los Angeles Lakers because bad traffic meant he was missing quality time with his family. He told Alex Rodriguez in 2018: “I was sittin...
Post a Comment
Read more