As reported in WAMN [23-Aug-00], the sale of home improvement chain Homebase by its parent group J Sainsbury, was confirmed in a statement released Wednesday morning.

Sainsbury admitted that it is examining a number of alternatives for Homebase, including disposal, alliance or joint venture. Talks are currently under way with a “number of parties” which almost certainly include US giant Home Depot – the globe’s largest DIY retailer – and Europe's third biggest home improvements group, LeRoy Merlin.

Home Depot has a reputation for caution in international expansion, its growth strategy inclining more towards the opening of a few outlets in a new territory, rather than the purchase of an existing company.

Interested bidders must declare their intention not later than the end of September.

News source: Financial Times