Sainsbury's set for £1.3bn Argos Home Retail Group deal

Sainsbury's is set for Argos after Homebase sells to Wesfarmers.

Sainsbury's has offered the equivalent of 161.3p a share for the retailer.

A deal will depend on the sale of the Homebase DIY chain that Bunnings owner Wesfarmers is set to buy.

Wesfarmers said it plans on using its own management team for the UK Homebase operation, which will be rebranded as Bunnings.

The company is also understood to be keeping on Homebase chief executive Echo Lu for at least a year.

Bunnings said it "wants to build a management team that brings together talent from Bunnings and talent from within the existing business. There will be lots of opportunities for those who are excited and energised about the future."

Bunnings’ UK management is expected to include Wesfarmers alumni Peter Davis as managing director, and Rodney Boys as finance director.

Bunnings managing director John Gillam said: "Homebase has an established and scalable store platform with strong representation in high density areas.

"The stores are well-sized for the UK market and support warehouse merchandising and a low cost operating model.We will combine essential local elements with the best of Bunnings to bring customers in the UK and Ireland an exciting new home improvement and garden offer."

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