CEO caught singing 'We're in the Money' after takeover

WATCH: 'Unguarded' Sainsbury's CEO singing 'We are in the MONEY' during Asda merger

The weekend's news that Sainsbury's and Asda are to merge to become a retail superpower appears to have sent shockwaves throughout the retail industry.

Walmart will receive £3 billion in cash and a 42 percent stake in the combined business' equity, valuing Asda at about £7.3 billion on a debt-free basis.

"Morrisons is attracting more shoppers".

Coupe owned 1.14 million shares in Sainsbury's as of May 2017, according to the company's most recent annual report. The company is expanding services like same-day delivery in the USA, while focusing on big prizes overseas like China and potentially India. Sainsbury's equity was valued at 6 billion pounds at Friday's close.

Bord Bia is carrying out an "immediate action plan" on the potential impact of the planned merger between top United Kingdom supermarket chains Sainsbury's and Asda on the Irish agri-food sector.

In the wake of the £12 billion deal between the two grocery giants, Mike Coupe was filmed by ITV News singing some of the musical theatre tune in between interviews.

There are questions over the future of these sites and it will now be for the Competition and Markets Authority (CMA) to check if this merger is in the public interest. "The CMA may or may not ask us to sell stores", he said, adding they would be sold as trading entities.

Largest mass sacrifice of children uncovered in Peru
The llamas and the children had cuts to the breastbone and dislocated ribs-suggesting that their hearts may have been removed. Numerous children had their faces smeared with a red cinnabar-based pigment - most likely as part of the sacrificial ritual .


Some analysts were not so sure, saying buyers could be hard to find.

Sainsburys have claimed the proposed deal would not lead to store closures or job losses, and would see consumer prices fall.

Following yesterdays announcement Roger Burnley, chief executive Officer of Asda, said, "The combination of Asda and Sainsbury's into a single retailing group will be great news for Asda customers, allowing us to deliver even lower prices in store and even greater choice". There is, however, a significant overlap in Northern Ireland.

The research revealed that almost nine million households visited both Sainsbury's and Asda over the three month period, which could raise competition concerns.

At the time of completion of the combination, Walmart will not hold more than 29.9% of the total voting rights in the combined business.

Walmart International boss Judith McKenna said the firm, which will take two seats on the board of the combined business, will be a long term partner.

The Qatar Investment Authority, now the largest shareholder in Sainsbury's with a 22 per cent stake, said it supported the deal.

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