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LONDON, July 5 (Reuters) - The boss of Sainsbury's said the British supermarket remained convinced of the rationaleof its proposed purchase of Argos-owner Home Retail despite increased economic uncertainty following the UK's voteto quit the European Union.
"We remain absolutely convinced by the strategic rationaleof the deal and we think it will strengthen our business (...)We remain committed to making the deal happen," Sainsbury'sChief Executive Mike Coupe told reporters on Tuesday after thegrocer published its prospectus for the acquisition.
"Clearly the economic conditions have changed and we have torecognise that in the documentation," he said.
Coupe also highlighted the danger of Britain talking itselfinto another recession after the Brexit vote.
"There is a slight danger that we talk our way into aneconomic downturn as well," he said.
The cash and shares deal, which will make Sainsbury'sBritain's biggest non-food retailer, was agreed in April and atthe time was worth about 1.4 billion pounds ($1.83 billion).
However, Sainsbury's shares have fallen 19 percent over thelast three months, reducing the deal's value.
Sainsbury's hopes to complete the deal in the third quarterof 2016. However, it is currently being considered by thecompetition regulator, which said in May it would decide by July25 whether to launch a full investigation.($1 = 0.7645 pounds) (Reporting by James Davey, Editing by Paul Sandle)
