British supermarket Sainsbury's on Wednesday said it had spent £46 million attempting to merge with Walmart-owned Asda, one week after UK regulators blocked the proposed tie-up.
The hit, equivalent to $60 million or 53.5 million euros, was revealed after the Competition and Markets Authority canned a deal that would have created Britain's biggest supermarket, leapfrogging the country's largest retailer and rival Tesco. The charge contributed heavily to Sainsbury's posting on Wednesday a 29-percent slump in annual net profit to £219 million.
Sainsbury's said in its earnings statement that"£46 million of transaction costs were incurred in relation to the proposed combination with Asda, and principally comprised deal preparation, integration preparation and financing". Britain's long-established supermarkets are facing intense competition from German-owned discounters Aldi and Lidl, as well as online rival Amazon.
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