Sainsbury's Purchase Of Home Retail Cleared By UK Financial Regulator

LONDON (Alliance News) - J Sainsbury PLC's takeover agreement with Home Retail Group PLC was approved by the UK Financial Conduct Authority Monday.

Last Friday the deal - in which supermarket chain Sainsbury's is buying Home Retail, the owner of high-street homewares retailer Argos, for GBP1.2 billion - was cleared by the UK's Competition & Markets Authority.

The deal remains subject to approval by Home Retail Group shareholders in a general meeting to be held Thursday.

Shares in J Sainsbury were up 1.3% at 228.00 pence, whilst Home Retail shares were up 0.5% at 155.10p.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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