Asda Set For Acquisition Of Major Retail Chain

Asda is reportedly preparing a takeover bid for Argos owner Home Retail in an attempt to close the gap on market leader Tesco .
According to a report in the Mail on Sunday, the UK’s second-largest supermarket chain is thought to be eyeing up the major retail firm as part of a plan to increase its share in the general merchandise market.
The Wal-Mart owned retailer is also understood to be weighing up a move for budget high street clothing chain New Look.
In the report, a source said Asda was poised for a “major acquisition” and that parent company “Wal-Mart has realised it’s the only way they can grow and compete with Tesco on the same footing in the UK”.
Asda was the only one of the big four supermarkets to see its share of the UK grocery market fall in the 12 weeks to March 21.
According to recent data from market research firm Kantar Worldpanel, the company’s market share dropped from 17.3 per cent to 17.1 per cent in the period, while major rival Tesco saw its share grow from 30.1 per cent to 30.3 per cent.