The chairman of Asda has promised that food prices will not go up because of a deal to buy the UK business of its sister company, petrol station operator EG Group, for £2.2bn.
Lord Stuart Rose said that the supermarket group would need to remain competitive, because if not it would risk its ability to attract customers.
“It will not lead to higher prices as a result of this transaction, that is rubbish,” he told reporters on a call following the deal. “We will be what we aim to be and what we’ve always been – a highly competitive player in the sector.”
