Economy

Before Discussing Big Deal, CEO Sings 'We're in the Money'

Before Discussing Big Deal, CEO Sings 'We're in the Money'

As a company, we've benefited from doing business in the United Kingdom for many years, and we look forward to working closely with Sainsbury's to deliver the benefits of the combination.

Tesco (LON:TSCO) continued to grow its United Kingdom grocery sales in the 12 weeks to April 22, the latest industry numbers by Kantar Worldpanel have shown. The company is expanding services like same-day delivery in the USA, while focusing on big prizes overseas like China and potentially India.

According to Kantar figures Sainsbury's achieved a meagre 0.2 per cent gain in market share during the past three months, with Asda a slightly higher 1.4 per cent.

In a statement United Kingdom supermarket giant Sainsbury's has confirmed that it has agreed to terms for a £12 (€13.6) billion merger with Walmart-owned Asda, another leading United Kingdom retailer. Sainsbury's equity was valued at 6 billion pounds at Friday's close.

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Gordon Polson of the Federation of Bakers said: "We already operate in a very competitive retail environment".

The Irish government is said to be instigating a risk assessment of its food industry following the news yesterday that "big four" United Kingdom supermarkets Sainsbury's and Asda are to merge.

He said: "We're in the money, the sky is sunny".

"An action plan has been put in place following the announcement of the merger of Sainsbury's and Asda".

Weather warnings in place as heavy rain forecast for Monday
The low temperatures could even see heavy rain turn into snow in some parts of the United Kingdom , forecasters have warned. Yellow weather warnings for heavy rain and strong winds have been issued for eastern, south-eastern and central England.

Sainsbury's and Asda have different cultures and appeal to different customers, with London-based Sainsbury's strong in own-brand products, and Asda, headquartered in Leeds, northern England, focused on price.

Some 350 million pounds of the planned synergies would come from buying savings, and 75 million from putting branches of Sainsbury's general merchandise specialist Argos into Asda stores. Two Walmart representatives will join the board as non-executive directors. Morrisons was crowned the fastest-growing traditional supermarket, raking in sales growth of 2.2% and holding market share at 10.5%. The company will be merged with Sainsbury's, a larger rival.

Sainsbury's also reported its full-year results, showing a first rise in profit in four years and expressed confidence in meeting analysts' profit forecasts for 2018-19.

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