UK supermarket giants Sainsbury’s, Asda agree merger

London (AFP) – Britain’s second and third biggest supermarket chains, Sainsbury’s and Walmart-owned rival Asda, have agreed terms for a merger that will create a new retail giant, the pair announced on Monday.

“Sainsbury’s and Walmart Inc. are pleased to announce that they have agreed terms in relation to a proposed combination of Sainsbury’s and Asda Group Limited, a wholly owned subsidiary of Walmart, to create an enlarged business,” they said in a statement after confirming advanced talks over the weekend.