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Sainsbury's terminates Argos sale talks
(Sharecast News) - Talks between J Sainsbury's and China's JD.com over the potential sale of Argos have collapsed, the supermarket chain confirmed on Monday. In a brief statement, the blue chip retailer said JD.com was now only prepared to engage on a "materially revised" set of terms and commitments, which were not in the best interest of shareholders.
It continued: "Accordingly, Sainsbury's confirms that it has now terminated discussions with JD.com."
The e-commerce giant has yet to comment.
It emerged over the weekend that JD.com was interested in Argos-parent Home Retail Group, which Sainsbury's acquired in 2016 for £1.4bn.
JD.com, China's largest online retailer, is known to be looking to expand outside of its home market.
Sainsbury's initially said JD.com would bring "world-class retail, technology and logistics expertise, and invest to drive Argos' growth and further transform the customer experience".
Argos is UK's second-biggest general merchandise brand but has often weighed on Sainsbury's performance. Chief executive, Simon Roberts is also tying to refocus the supermarket on its core food offering.
Last year he sold off Sainsbury's Bank's loan, credit card and retail deposit portfolios, and in July the travel money business was acquired by Fexco Group.
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