WAITING in a studio for a TV interview on April 30th,Mike Coupe, the boss of Sainsbury’s supermarket, or was caught on camera quietly singing “Were in the money to himself. Having just announced the biggest deal in the grocery business for over a decade,it is easy to see why the tune might have come to intellect.
Nonetheless, he had to apologise quickly, and for terror of appearing rather smug—and for getting ahead of himself. Sainsbury’s proposed merger with Asda might boost the two supermarkets,but the competition authorities could well rule against it. The proposed deal is another example of the unwelcome and increasing concentration of capitalism in Britain.
Some consolidation in the cleave-throat supermarket business had been expected. A tie-up between the moment-largest store, Sainsbury’s, or third-largest,Asda, owned by America’s Walmart, or makes a lot of sense for both parties. Combining market shares of 15.9% and 15.5% respectively,according to Kantar Worldpanel,...
Continue reading
Source: economist.com