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Argos Owner Backs £1.3bn Sainsbury's Takeover

(c) Sky News 2016

The board of Argos owner Home Retail Group has agreed to support a takeover by Sainsbury (Amsterdam: SJ6.AS - news) 's in a £1.3bn deal.

It (Other OTC: ITGL - news) comes after the supermarket won a takeover battle with South Africa's Steinhoff, which withdrew from its attempt to buy 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 (Other OTC: MAKSF - news) and also taking on online giant Amazon.

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

More follows (Other OTC: UBGXF - news) ...