Sainsbury's and Asda in talks over merger deal

Sainsbury's is reportedly in talks with Wal-mart over a £10bn merger which would create a new retail sector giant in the UK.

According to Bloomberg, an agreement could be announced within weeks, though it is not certain the merger will go ahead.

A combined Sainsbury's-Asda would have almost a third of the UK retail market, putting it ahead of current number one Tesco, which has a 28% market share. Sainsbury's and Asda each currently have about 16% of the market.