In this file photo taken on January 12, 2011 an employee moves shopping trolleys in front of a Sainsbury's store in London. / AFP / Ben STANSALL
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Britain's second and third biggest supermarket chains Sainsbury's and Walmart-owned Asda have agreed to merge, the pair said Monday, creating a £13-billion ($18-billion) retail king that would leapfrog Tesco.The news sent Sainsbury's share price spiking more than 20 percent in initial deals on the London stock market, while Tesco sank almost four percent on fears the group could lose its retail crown.The transaction values Asda at £7.3 billion.Walmart will own 42 percent of the combined business and receive £2.97 billion in cash, while Sainsbury's will hold a majority stake.In Britain's fast-changing retail landscape, Sainsbury's previously bought catalogue retailer Argos in 2016 for £1.4 billion.
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