Sainsbury's buys catalogue chain Argos for £1.4 billion

British supermarket group Sainsbury's said Friday it had clinched a £1.4-billion takeover of Home Retail Group, owner of catalogue chain Argos. Argos sells household items, including televisions, furniture and gardening tools. "The boards of Sainsbury's and Home Retail Group plc are pleased to announce that following further discussions, the Home Retail Group directors now intend unanimously to recommend the acquisition," the statement said.