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Strike by Argos delivery drivers suspended - Unite

Credit: PA

A threatened strike by drivers who deliver Argos goods has been suspended.

A three-day walk-out had been planned by Unite members in the run-up to Christmas in a dispute over holiday back pay.

Members employed by Wincanton at a distribution centre in Staffordshire had planned to walk out from next Tuesday until December 22.

Unite regional officer Rick Coyle said: “We have had constructive talks with the Wincanton management today and, as a result, we have hammered out a deal that Unite feels it can recommend to our members.

“The details of the deal are confidential and we will be balloting our drivers on the offer."

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Sainsbury's takeover of Argos approved by CMA

Sainsbury's tabled a bid worth around £1.4 billion in February. Credit: PA

Sainsbury's proposed takeover of Argos owner Home Retail Group has been approved by the Competition and Markets Authority.

Sainsbury's tabled a bid worth around £1.4 billion in February.

A statement posted on the London Stock Exchange this morning said: "The CMA has decided, on the information currently available to it, not to refer the following merger to a Phase 2 investigation."

Home Retail chief executive John Walden will leave the group once Sainsbury's seals its acquisition, currently expected in the third quarter of this year.

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Sainsbury's agrees to buy Argos owner for £1.2 billion

Sainsbury's said the deal would make it a 'world-leading' retailer Credit: PA

Sainsbury’s has bought out the Argos owner Home Retail Group for £1.2 billion.

The deal comes after four months of tough negotiations which saw South African rival Steinhoff abandon its bid to buy the group earlier today

Sainsbury’s said the buyout would allow it to become a "world-leading" retailer as the supermarket sector comes under intense competitive pressure, and will create £160 million of cost savings.

The UK grocery retail industry is undergoing a period of intense change in customer shopping behaviour and in the competitive environment.

We will create a multi-product, multi-channel proposition with fast delivery networks that we believe will be very attractive to the customers of both businesses."

– David Tyler, Sainsbury's chairman

Argos owner receives takeover bid from South African firm

Argos are currently owned by the Home Retail Group. Credit: PA

Sainsbury's could be drawn into a bidding war for Home Retail Group after it was announced the Argos owner is considering a rival offer from a South African-based retailer.

Steinhoff, which makes furniture, made the approach to the Home Retail board earlier today.

They are now reviewing the proposal and have asked shareholders to take no further action.

The news comes after Home Retail had previously said it was willing to recommend the Sainsbury's bid which valued the company at £1.3 billion.

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