Sainsbury’s chief executive Mike Coupe is fighting for his job after the Competition and Markets Authority (CMA) disapproved of the supermarket’s proposed £12 billion (US$ billion) merger with Asda.
Coupe was the brain behind the proposed acquisition of Asda, which would have put Sainsbury’s ahead of longtime Big 4 leader Tesco, and successful discounters Aldi and Lidl.
However, the plan was investigated and rejected by the CMA, which saw Sainsbury’s share price drop at its lowest since the 2016 Brexit vote. The CMA stated the deal would harm competition by increasing prices in stores and online.
Full Content: Retail Gazette
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