BT strikes deal to rescue broadband firm TalkTalk; euro slides amid France debt burden fears - business live
This business report covers BT's acquisition of TalkTalk, potential past merger talks between Sainsbury’s and Morrisons, and global economic concerns including oil supply and European bond markets. It provides a snapshot of current financial volatility and corporate consolidation in the UK.
Why it matters
These developments impact market competition in the UK retail sector and reflect broader global economic instability regarding energy and debt.
Sainsbury’s held merger talks with rival Morrisons this year, in a deal that could have been the biggest shake-up for UK supermarkets in decades, according to reports.
The two companies held exploratory talks earlier this year, according to the Financial Times and Sky, which first reported the news. It is believed that the supermarkets are no longer in live discussions.
Morrisons , which was once one of the big four grocers in the UK alongside Sainsbury’s, Tesco and Asda , was bought by the US private equity firm Clayton Dubilier & Rice in 2021.
The deal loaded it with more than £7bn in debt on its balance sheet and it has since struggled to grow as fast as its rivals. This year it was overtaken by the German discounter Lidl in market share.
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