29th Apr 2018 08:30
LONDON (Alliance News) - J Sainsbury PLC on Saturday confirmed it is in "advanced discussions" with US retailing giant Walmart Inc to merge with UK supermarket rival and Walmart subsidiary Asda Group Ltd.
In a statement noting "speculation" about a merger, Sainsbury's said it "confirms that it and Walmart Inc are in advanced discussions regarding a combination of the Sainsbury's and Asda businesses. A further announcement will be made at 7am on Monday 30 April."
The FTSE 100 company also scheduled conference calls for media and for analysts and investors for later Monday morning.
Earlier Saturday, the Financial Times had reported the discussions, citing "people familiar with the situation".
The deal is set to be structured so that Walmart receives new shares in Sainsbury's, the newspaper reported, saying this was "according to a person close to the talks".
Sainsbury’s had been scheduled to release full-year results on Wednesday.
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