British supermarket group Asda said it would buy petrol station operator EG Group's UK and Ireland business to accelerate its move into the convenience sector, creating a company with combined revenues of nearly 30 billion pounds ($38 billion).
Asda, Britain's third-largest grocer, and EG are both owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital.
Tesco leads the market with a 27.1% share, according to the most recent data by Kantar. Sainsbury's holds 14.8% of the market, ahead of Asda on 13.9%. The deal comes as consumers grapple with a cost of living crisis that has left grocers trying to juggle the surging price of food with a need to pay higher wages, while also competing with German discount groups Aldi and Lidl.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK supermarket Asda to buy petrol stations operator EG Group UKAsda said it intends to invest more than £150 million ($185 million) within the next three years to integrate the business.
Read more »
Oh My Girl hints at first comeback as a full 6-member group since Jiho's departure | allkpopOh My Girl has hinted at their first comeback as a 6-member group.Since March of 2022, the girl group has made an informal halting of full group a…
Read more »
Queen’s music could sell for $1 billionAccording to a source familiar with the acquisition, Universal Music Group is in talks to buy the rock group’s catalog from Disney Music Group for $1 billion.
Read more »
Queen’s music could sell for $1 billionAccording to a source familiar with the acquisition, Universal Music Group is in talks to buy the rock group’s catalog from Disney Music Group for $1 billion.
Read more »
Malaysia detains Chinese ship linked to suspected illegal salvage of British WW2 wrecksMalaysia's maritime authorities on Monday said cannon shells believed to be from World War Two have been found on a China-registered bulk carrier ship detained at the weekend for anchoring in its waters without permission.
Read more »
Malaysia detains Chinese barge on suspicion of looting WWII British warship wrecksKUALA LUMPUR, Malaysia (AP) — Malaysia's maritime agency said Monday it found a cannon shell believed to be from World War II on a Chinese-registered vessel and was investigating if the barge carrier was involved in the looting of two British warship wrecks in the South China Sea.
Read more »