© Reuters. SAINSBURY’S AND WALMART IN THE DISCUSSIONS ADVANCED IN GREAT BRITAIN
LONDON (Reuters) – The british sainsbury’s and the american Walmart (NYSE:WMT) are in advanced negotiations for a reconciliation of their activities in Great Britain, it was learnt on Saturday from a source close to the file, confirming information of the tv channel Sky News.
The discussions are based on a partnership between sainsbury’s, the second largest supermarket brand in Britain, and Asda, the british subsidiary of the american group, worldwide leader in the distribution, according to the same source.
According to Sky News, the amount of the transaction is estimated at ten billion pounds sterling (approximately € 11.3 billion).
The newly formed entity – which would be a major competitor for Tesco (LON:TSCO), the leader of the sector in the Uk – should be led by the managing director of sainsbury’s, Mike Coupe, said to Reuters the source in fact of the situation.
Sky News said that an announcement could be made as early as Monday, or even earlier if the two companies should accelerate the public announcement of their association.
(James Davey; Peter Sérisier for French service, edited by Myriam Rivet)