Shares in furnishings retailer B&M were up more than five per cent this morning after it emerged yesterday that the company was in talks with Asda.
It was reported over the weekend that the supermarket was considering a £4.4bn bid for the chain. The London-listed company was trading up more than five per cent at 357.32p this morning.
But Asda sources who spoke to the Telegraph sought to downplay the possibility of a sale, and said that parent company Walmart was in charge of all acquisitions.
An acquisition would rival the portfolio of Sainsbury's, which bought Argos and Habitat last year for £1.4bn, and increase the diversity of Asda's revenue streams.