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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 posts 0.8% fall in sales

Sainsbury's. Credit: PA Wire

Sainsbury's has posted a 0.8% fall in sales as it continues to face pressure amid a supermarket price war.

Britain's second biggest supermarket reported the drop in like-for-like sales excluding fuel for the 12 weeks to June 4.

The fall represents a setback for the company, after a return to quarterly growth for the first time in more than two years, in the previous three months.

Mike Coupe, chief executive of Sainsbury's, said: "Food price deflation continues to impact our sales and pressures on pricing mean the market will remain competitive for the foreseeable future."

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