22nd Jul 2016 06:48
LONDON (Alliance News) - J Sainsbury PLC and Home Retail Group PLC on Friday said the UK Competition & Markets Authority has unconditionally cleared the merger of the two companies following its Phase 1 investigation.
Supermarket chain Sainsbury's is buying Home Retail - the owner of high-street homewares retailer Argos - for GBP1.2 billion in a deal struck in April.
The two companies said on Friday the acquisition "remains subject to the satisfaction or waiver of the remaining conditions as set out in the scheme document including, amongst others, the approval of the acquisition by the Financial Conduct Authority and the approvals of the Home Retail Group shareholders".
Home Retail is holding a general meeting with shareholders on Wednesday.
A Sainsbury's spokesperson said: "The combination of both businesses will create a multi-product, multi-channel proposition with fast delivery networks, giving customers what they want, whenever and wherever they want it."
Sainsbury's added that the acquisition is expected to complete in early September.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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