UK supermarket chain J Sainsbury said on Sunday that talks to sell its Argos business to one of China’s largest retailers had collapsed, adding that a deal was no longer in the interests of stakeholders.
The company said in a statement that it terminated discussions and that JD.com was now only “prepared to engage on a materially revised set of terms and commitments”, which would be unsatisfactory for Sainsbury’s “shareholders, colleagues and broader stakeholders”.
JD.com said “we confirm we have been unable to agree commercial terms with Sainsbury’s”.
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