Argos Owner Backs £1.4bn Sainsbury's Takeover

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Source:   —  April 01, 2016, at 11:15 AM

It comes after the supermarket with S Africa's Steinhoff, which withdrew from its attempt to purchase the retailer two weeks ago.

Argos Owner Backs £1.4bn Sainsbury's Takeover

The board of Argos owner Residence Retail Grouping has agreed maintain a takeover by Sainsbury's in a £1.4bn deal.

It comes after the supermarket with S Africa's Steinhoff, which withdrew from its attempt to purchase the retailer two weeks ago.

The tie-up will create a £6bn non-food operation putting the new business in the same league as John Lewis and Marks & Spencer and also taking on online giant Amazon.

But Sainsbury'south has said it plans to relocate many Argos stores within under-occuped space in its supermarkets, threatening the closure of up to two hundred sites.

Its latest announcement said rolling out concessions within Sainsbury'south stores would "expand the attractiveness of these locations" and deliver cost efficiencies.

Around fifty-five percent of these concessions within Sainsbury's stores will be relocated Argos stores, with half of these emotional less than a mile.

The cash-and-shares takeover deal, when including a £200m pay-out to Residence Retail Grouping shareholders, values the company at around £1.4bn.

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