Asda

The supermarket giant reported a 7.8% rise in annual underlying pre-tax profits to £635m, but bottom-line profits plunged to £219m.

Joel Hills Business and Economics Editor

The competition watchdog has blocked Sainsbury’s £12 billion merger with Asda on the grounds it would result in higher prices for consumers.

Sainsbury’s chief executive Mike Coupe will face the heat.

The tie-up would have created a supermarket titan.

Siobhain McDonagh MP claims employees involved in contract consultations would made up to £500 worse off.

The move comes following the spate of knife-related incidents across the country, particularly involving young people.

The CMA warned it would be ‘difficult’ for the companies to address ‘extensive’ concerns about the proposed merger.

Jobs in areas including bakeries and petrol stations could be affected, sources said.

The CMA said it will carry out a so-called Phase Two in-depth probe to assess how the deal could affect competition for UK shoppers.

The competition watchdog will examine if the tie-up could lead to less choice, higher prices or worse service.