Argos Owner Backs £1.4bn Sainsbury's Takeover

The board of Argos owner Home Retail Group has agreed to support a takeover by Sainsbury's in a £1.4bn deal. It comes after the supermarket won a takeover battle with South Africa's Steinhoff, which withdrew from its attempt to buy the retailer two weeks ago. The tie-up will create a £6bn non-food operation putting the new business in the same league as John Lewis and Marks & Spencer and also taking on online giant Amazon.