© Reuters. Shopping trolleys are seen at a Sainsbury’s shop in London
By Sarah Young LONDON (Reuters) – British grocery store Sainsbury’s said its finance boss John Rogers would end up being chief executive of House Retail when it finishes a takeover developed to minimize its dependence on food and beverage sales. Sainsbury’s 1.4 billion pound ($2 billion) offer for House Retail, the owner of electricals to jewellery store chain Argos, was recommended by the Home Retail board in April. The offer stays subject to regulatory and investor approval with Britain’s competition watchdog presently examining the tie-up. Sainsbury’s hopes to complete the deal in the third quarter of the year. Rogers, who has been Sainsbury’s primary financial officer since 2010 and last year was also provided control of online and strategy, will be accountable for integrating Sainsbury’s non-food company with Argos. Sainsbury’s is purchasing Argos to aim to speed up growth by developing Britain’s biggest general product retail company at a time of intense competition in the supermarket sector. Home Retail stated in a separate statement on Friday that its president John Walden would quit when the takeover by the supermarket is settled. Walden could possibly leave with as much as 5 million pounds ($7.2 million) in money and shares depending upon what House Retail Group’s compensation committee determines for his long term, performance-linked share awards. House Retail is currently examining whether it has actually overcharged customers. It said on Thursday that it may need to increase a provision by approximately 30 million pounds to compensate monetary services customers who were overcharged, taking the shine off its best quarterly trading report for 2 years. Disclaimer: Blend Media would like to remind you that the information included in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex rates are not supplied by exchanges but rather by market makers, therefore rates may not be accurate and may differ from the actual market price, implying rates are a sign and not proper for trading functions. For that reason Blend Media does n`t bear any responsibility for any trading losses you may sustain as a result of using this information. Fusion Media or anyone involved with Combination Media will decline any liability for loss or damage as a result of dependence on the info including information, quotes, charts and buy/sell signals contained within this website. Please be fully notified concerning the dangers and expenses related to trading the financial markets, it is among the riskiest financial investment kinds possible.