Company
LON:SBRY
J Sainsbury PLC is a United Kingdom-based company principally engaged in grocery and related retailing, and financial services.
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The FTSE 100 supermarket already booked £17mln in merger-related charges in its half year results in November, while its market cap has shed around £1.2bn since the day before the merger talks came to light last year
Sainsbury's boss Mike Coupe faces the boot unless he can come up with another plan to turnaround the business, according to AJ Bell's Russ Mould
“The CMA is today effectively taking £1 billion out of customers' pockets,” Sainsbury's boss Mike Coupe said
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The FTSE 100 index closed 37.62 points, or 0.5% lower at 7,434.13, albeit above the session low of 7,405.99 as US stocks continued to post big falls on Thursday
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Aside from Barclays numbers, the Day Ahead will also bring updates from the likes of Taylor Wimpey and RELX, plus the final CMA decision on the planned Sainsbury's/Asda merger
Jefferies and JP Morgan think the CMA will reject the proposed merger of Sainsbury's and Asda
The group said the move is part of its long term strategy to reduce its Retail exposure to comprise around 30-35% of its business assets, down from around 50% currently
Jefferies said it was probable that private equity interest for Asda would "materialise swiftly" if the CMA blocks the company's proposed merger with Sainsbury's
Tesco’s dividend hike offset what looked like a difficult end to the year for the supermarket giant, but there was no such hiding for rivals Sainsbury’s and Morrisons
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The raft of macro-economic news from the US, the UK and ECB policy failed to cheer the FTSE 100 as the focus turned to the meeting in Brussels
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With the latest data showing the supermarket losing market share to discounters, investors will be hoping for news on how the group plans to maintain its position at the top
Investments and investor services
Brent crude hit a five-month high, led by OPEC's supply cut and geopolitical tensions
Sainsbury’s, which is in the process of trying to merge with Asda, lost market share as sales declined over the period
Most safe harbour stocks have been confined to a select group of market sectors that include tobacco and food retailers, although enthusiasm seems to be waning for these once dependable stocks
Struggles in a number of different sectors present takeover opportunities for private equity firms this year but investments in UK stocks are risky given the uncertainty surrounding Brexit
Sainsbury’s and Asda said the proposals “represent a unique opportunity for existing operators to add additional scale or for a new operator to obtain immediate scale”
Barclays said it is concerned about the “increasingly competitive” UK ready-meals market, in a note on the European food ingredients sector
A series of proposed remedies have been made to allay UK competition watchdog’s concerns about the planned merger
"We have proposed a reasonable yet conservative remedy package and hope the CMA considers this so that we can deliver the cost savings for customers," Sainsbury's boss Mike Coupe said
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While major fiscal measures are not expected, the result of Tuesday's vote on Theresa May's Brexit deal could put the chancellor on the spot
