Sainsbury's has confirmed plans to merge with Asda, which is currently owned by US supermarket giant Walmart.
The supermarkets said that grocery prices would fall in both chains as a result of the merger.
Sainsbury's chief executive Mike Coupe said the deal would lead to no store closures and no job losses in stores.Aye, well. Believe if you like. I don't ...
[Disclosure: I have owned a few shares in Sainsbury over the past year or two. And a fat lot of good it's done me.]
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