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BUZZ-Sainsburys: Gains after agreeing to buy Home Retail

Reuters - UK Focus

** Sainsburys shares up 3.2 pct, top of FTSE 100, after agreeing to buy Argos-owner Home Retail (Other OTC: HMRLF - news) in 1.3 bln stg deal

** Deal values Home Retail at about 161.3p per share after Home Retail returns cash and capital to shareholders post sale of Homebase to Australia's Wesfarmers

** Home Retail up marginally

** Home Retail shares gained 11 pct on Monday on reports that Sainsburys would have to sweeten offer

** Jefferies analysts say deal suggests appropriate compromise has been reached between cos, adding Sainsburys will pay 134p with rest coming from Home Retail's balance sheet (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)