There are no plans to close any stores in the Asda or Sainsbury's portfolio and both retail businesses will be maintained, resulting in a network of more than 2,800 Sainsbury's, Asda and Argos stores.
Sainsbury's said the deal would result in customer benefits including a 10% reduction in the price of numerous products that customers buy regularly.
After almost two decades under Walmart's ownership, a purchase that originally sold for $11.4 billion and included net debt in 1999, United Kingdom -based Asda is being sold to British competitor Sainsbury's for £7.3 billion, or $10.1 billion Dollars.
Another loser was global miner Glencore, down almost 5 percent after subsidiaries in the Democratic Republic of Congo were served freezing orders for alleged unpaid royalties of almost $3 billion by a company affiliated with Israeli billionaire Dan Gertler.
Meanwhile, Mamequa Boafo, senior analyst, retail, at GlobalData notes there is no doubt the proposed merger will lead to the consolidation of the supplier base of both parties, which will assist in leveraging margins across both businesses.
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The CEO of Sainsbury's has apologised after he was caught on camera singing "We're in the money" following the Asda merger announcement. The sector is also facing the threat of increasing competition from online players such as Amazon, which made a major move into the market by acquiring Whole Foods.
Following the tie-up, the two grocers will continue to have their own chief executives, Sainsbury's under Mike Coupe and Asda under Roger Burnley.
The combined company will be "designed for a new era" of retailing, bringing scale in clothing and general merchandise, Coupe said.
"It will create a business that is more dynamic, more adaptable, more resilient and an even bigger contributor to the United Kingdom economy".
The two companies have different cultures and appeal to different customers, with London-based Sainsbury's strong in own-brand products, and Asda, headquartered in Leeds, northern England, focused on price.
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What type of deal will go ahead?
Liberal Democrat leader Sir Vince Cable, the former business secretary, said the CMA "must investigate" any deal, with shadow business secretary Rebecca Long-Bailey echoing the call. The regulator has the power to require Sainsbury's to close stores in areas where the combined company would have too much market dominance.
But Monday's deal was quickly rounded upon by British opposition politicians who said shoppers and workers would suffer from rising prices and job cuts. Shares in Tesco fell by almost 1% while Morrisons were off 1.2%.
Advertising group WPP also stood out on Monday as its shares climbed by 8.6 percent after the company reported better than expected first-quarter net sales and reiterated its full-year guidance in the first set of results to be published without founder Martin Sorrell.
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