Friday, August 12, 2022

Argos shareholders approve Sainsbury’s £1.4bn takeover

The shareholders of the company that owns Argos have overwhelmingly voted in favour of the proposed £1.4 billion acquisition by Sainsbury‘s.

At Home Retail Group‘s annual general meeting yesterday, 99.95 per cent of shareholders agreed to the deal, which had also been given the green light by the Competition and Markets Authority (CMA) last week.

The CMA said it would not be pursuing an in-depth investigation into the acquisition after the result of a phase one probe into the deal.

Sainsbury‘s has also already revealed some of its plans once the acquisition happens, such as current chief financial officer John Rogers taking over as chief executive of Home Retail Group.

In addition, there are plans to install Argos concessions into Sainsbury‘s larger stores, which would create around 1000 new jobs.

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