You only sing when you’re winning. That is one explanation for the unguarded moment when Sainsbury’s chief executive, Mike Coupe, started trotting out the words to We’re In the Money while waiting for his next interview on the proposed £12bn Asda deal to begin. “To attach any wider meaning to this innocent, personal moment is preposterous,” a spokesman for Sainsbury’s said. Who could resist a challenge like that?
Coupe was bound to be feeling perky. The stock market had responded enthusiastically to his news, with Sainsbury’s share price rising 15%. But mega-mergers like these are not usually such good news for a lot of staff. The Competition and Markets Authority, if it allows the deal to go ahead, is likely to insist that many stores are sold to other businesses – who may feel no obligation to keep them open.
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