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Sainsbury’s secures MK’s Argos in £1.3bn takeover

sainsburysSainsbury’s has finally sealed its proposed £1.3bn takeover of MK-based Argos owner Home Retail Group – with the grocer planning to win over shoppers in a “bricks-and-clicks” race with its major rivals.

The agreement comes after Home Retail Group revealed last month that it had rejected an undisclosed initial approach by Sainsbury’s.

Argos stores are set to be absorbed into Sainsbury’s supermarkets as concessions, where Sainsbury’s hopes the combined stores will mean they sell products to each other’s customers, as well as offering “click and collect” points on the combined 100,000 products that the two companies would sell across their 2,000 shops.

An original £1bn offer was rejected in January following initial talks in November last year.

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