Retailers say they plan no store closures as they unveil deal to create UK’s biggest supermarket chain
Sainsbury’s claimed it would cut prices by 10% under a merger with Asda, as it confirmed terms of a deal which would hand the Leeds-based supermarket’s US owner Walmart nearly £3bn in cash and a near-42% stake in the combined business.
The companies said there were no planned store closures as a result of the deal which would value Asda at £7.3bn, maintaining both retail brands in a network of more than 2,800 stores.
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