Supermarket Giant Asda Snaps Up Rival Netto in Pounds 778m Deal
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Summary
SUPERMARKET giant Asda said it was snapping up the UK arm of discount retailer Netto in a move set to add another 193 stores to its estate. Asda, which is owned by US group Wal-Mart, has agreed a pounds 778m deal to buy the stores, which it aims to convert to the Asda brand by next summer. The group said it hoped to complete the takeover later this summer, subject to regulatory approval.
The deal marks an ambitious first move by new Asda boss Andy Clarke, who took over the reins earlier this month. Asda, which currently owns 374 stores, is aiming to boost its smaller format store portfolio and said the Netto outlets will be added to a new division set up for supermarkets smaller than 25,000 sq ft. Netto - owned by Danish group Dansk Supermarked - employs 3,500 staff in the UK having launched on these shores in 1990.See the full content of this document
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Supermarket Giant Asda Snaps Up Rival Netto in Pounds 778m Deal
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