Sainsbury's CEO apologises for singing "we're in the money" between Asda merger interviews

The CEO of Sainsbury’s Mike Coupe has apologised after he was filmed singing ‘we’re in the money’ after an agreement was reached for his company to merge with supermarket rivals Asda.

Mr Coupe was seen on camera singing and humming the tune while waiting between interviews in a London television studio.

The deal, which is likely to face close scrutiny from competition authorities, would create a grocery giant overtaking Tesco as the biggest in the market with combined revenues of £51 billion. Shares in Sainsbury’s rose steeply in response to the news.

As markets opened on Monday morning, shares in Sainsbury's rocketed 20% Credit: PA

It came as unions issued a warning over the merger saying that thousands of workers could be affected and that £500 million of potential savings could mean job losses or cuts to pay.

Sainsbury’s has said the £12 billion deal would not lead to store closures or job losses in stores and that both brands would be maintained after the merger.