Asda set for ‘major acquisition’

ASDA, the Yorkshire-based supermarket chain, is targeting a deal to buy the owner of Argos and Homebase, according to reports.

Leeds-based Asda, which is owned by US food giant Wal-Mart, is reportedly eyeing up Home Retail Group as it looks to close the gap on Tesco.

An Asda spokeman said the company could not comment on speculation but a source close the supermarket said it was poised for a “major acquisition”.

Asda is planning open a number of new stores this year. It has 371 stores, 23 depots and 24 Asda Living outlets in the UK.