1. Asda bought by billionaire Issa brothers in £6.8bn deal

    Two billionaire brothers from Blackburn have won the battle to buy Leeds-based supermarket Asda from Walmart, in a deal valuing the supermarket chain at £6.8bn.

    An Asda sign

    A consortium of Zuber and Mohsin Issa and private equity firm TDR Capital will take a majority stake in Asda.

    It means the grocer will return to majority UK ownership for the first time in two decades.

    The Issa brothers own EG Group, which has more than 5,200 petrol stations across the UK and Europe.

    A spokesperson for the Issa brothers and TDR Capital declined to comment on how they are funding the deal.

    The auction process for Asda has lasted for several months. US-based Walmart decided to sell a controlling stake in Asda after shelving plans to float the business following a failed £7.3bn merger with Sainsbury's, which was blocked on competition grounds.

    Walmart bought Asda in 1999 for £6.7bn and it will retain a minority stake in the supermarket chain.

    Announcing the deal, Walmart said Asda would keep its headquarters in Leeds and its chief executive, Roger Burnley, would remain in place.