Walmart’s long-awaited sale of its U.K. supermarket chain Asda looks likely to complete within days after the consortium purchasing it put out a statement claiming the British regulator said there was “reasonable grounds” it would accept amended proposals made by the consortium purchasing the supermarket chain. While the takeover by entrepreneurs Mohsin and Zuber Issa and private equity firm TDR Capital was agreed earlier this year they have not taken over operational control pending an investigation by the Competition and Markets Authority (CMA). There were anti-trust concerns over the number of Asda’s gas stations but a remedy to sell 27 sites appears to have satisfied the CMA, the consortium claimed. Asda had previously lost market share and saw sales shrink which had prompted Walmart to review options for its U.K. division. A green light from the regulator will bring to an end a protracted process which had involved a failed merger with rival Sainsbury’s. The CMA declined to comment and Asda was approached for a comment.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.