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Asda is finalising a deal to buy its sister business EG Group’s UK and Irish petrol forecourts in a deal worth £3bn, allowing the supermarket to step up its shift into convenience retailing.
Asda is set to announce a £10bn merger with sister business EG Group, the petrol stations giant, it was reported on Friday.
Operator: Greetings, and thank you for standing by. Welcome to the REX American Resources Fiscal 2023 First Quarter Conference Call.
Deal would help Asda move into convenience retailing and cut costs at merged entity by about £100m, as well as reduce EG’s debts
Today’s full year results from M&S – I still prefer to call the brand St Michael’s – suggests that the UK’S most celebrated retail operation is no longer in remission and has finally shown signs of rising like the ‘Phoenix from the Ashes’ after spending more than a decade in the ‘doldrums.’