Sainsbury PLC shares jump 18% after deal news

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Sainsbury’s confirms merger with Walmart’s Asda

J Sainsbury PLC confirmed Monday it has agreed terms to merge with Asda, owned by Walmart , in a deal that would combine two of the U.K.’s largest supermarkets. Walmart, which will retain 42% of the issued shares of the combined business, will get 2.98 billion pounds ($4.1 billion) in cash in the deal, which values Asda at £7.3 billion. The merged company will keep both the Sainsbury’s and the Asda brand, and will be led by Sainsbury’s executives. The deal is expected to come under the scrutiny of the U.K. competition regulator.

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