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.
This was an unguarded moment trying to compose myself before a TV interview. It was an unfortunate choice of song, from the musical 42nd Street which I saw last year and I apologise if I have offended anyone.
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.
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.