Supermarket Sainsbury’s has revealed that it launched a £1 billion bid for Home Retail Group-owned Argos in November.
Although the proposal was rejected, Sainsbury’s has until February 2nd to make a formal offer.
The two companies have grown closer in the last year, with trials of Argos concessions in Sainsbury’s stores.
Sainsbury’s commented: “The combination is an opportunity to bring together two of the UK’s leading retail businesses, with complementary product offers, focused on delivering quality products and services at fair prices, through an integrated, multi-channel proposition.”
Currently the second-largest supermarket in the UK, Sainsbury’s previously owned Argos’ HRG bedfellow Homebase until 2001, when it was sold off.
