Sainsbury To Pay $440M To Take Full Control Of Banking JV

Law360, New York (May 8, 2013, 3:48 PM EDT) -- British supermarket giant Sainsbury Group PLC will fork over £284 million ($440 million) to buy out Lloyds Banking Group PLC's share of a 16-year-old banking joint venture the two have operated, the company said Wednesday.

In the deal, Lloyds will give up the 50 percent ownership stake it has held in Sainsbury Bank since 1997, when the company was formed. Under the agreed-upon terms, Sainsbury will cover its all-cash purchase using on-hand reserves, kicking off a 3 1/2-year transition process through which the food retailer will...
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