This is the astonishing moment the CEO of Sainsbury’s sang ‘We’re in the money’ in front of TV cameras as he waited to be interviewed.
Mike Coupe was gearing up to be interviewed by ITV after the news broke that Sainsbury’s would be merging with Asda.
The song was an appropriate choice after it was revealed earlier today that Sainsbury’s share prices have sky rocketed by 20% following the merger announcement.
Mr Coupe claims he was singing along to song from the musical 42nd Street which he saw last year as he was trying to compose himself ahead of the interview.
The video shows him singing the lyrics ‘we’re in the money, the sky is sunny, let’s spend it, lend it, send it, rolling along’ before sipping from a cup of coffee.
He said that it was an unguarded moment and also apologised for the ‘unfortunate choice of song’.
Sainsbury’s CEO Mike Coupe was gearing up to be interviewed by ITV after the news broke that Sainsbury’s would be merging with Asda
The video shows him singing the lyrics ‘we’re in the money, the sky is sunny, let’s spend it, lend it, send it, rolling along’
A spokesperson for Sainsbury’s said: Mike was composing himself between interviews. As many of us do, he was singing songs to himself to clear his mind.
‘He recently saw 42nd Street, where this song is from and we all know these songs stay in your head.
‘To attach any wider meaning to this innocent, personal moment is preposterous.’
During the ‘unguarded’ moment Mr Couple also takes a sip of his coffee
Earlier today Sainsbury’s and Asda confirmed a £12billion super-merger that would launch a price war to fight back against discounters Aldi and Lidl and the emerging threat of Amazon.
Britain’s competition watchdog has said today it will look at the deal because the new business would overtake Tesco as the UK’s biggest retailer.
The mega-supermarket says its buying power would help lower its prices by 10 per cent with experts saying Asda would take the fight to Lidl and Aldi while Sainsbury’s could undercut premium food retailers like M&S and Waitrose.
Sainsbury’s and Asda could be forced to sell hundreds of stores if they are to win approval for their merger from the competition watchdog
Sainsbury’s say the mega-merger will help them make £500million in combined saving and help them cut prices on common products by 10 per cent
If Sainsbury’s and Asda are allowed to combine their UK operations they would overtake Tesco as Britain’s biggest supermarket and retailer
With a combined 500,000-plus online deliveries every week they also hope to see off the looming threat from Amazon’s food service.
The proposed superpower supermarket claims that no stores will close and none of their combined 330,000 staff will be put out of work – but many believe it will have to sell hundreds of stores to get past the Competition and Markets Authority.
Research group Edison believes at least 70 of Asda’s 700 stores could be under threat because they are within a mile of a Sainsbury’s supermarket.
The main rivals Tesco and Morrisons saw their share price fall back today following the announcement.
This morning the Sainsbury’s share prince jumped up 20 per cent to its highest level since 2014 while rivals Tesco and Morrisons saw their price fall back today
The £12billion mega-merger immediately raised hopes of a supermarket price war that would benefit shoppers and the combined supermarket has promised to lower prices by around 10 per cent on many products.
But the alarm was sounded that the new firm would squeeze farmers and other suppliers to keep prices down.
Sainsbury’s shares jump 15% on Asda bombshell – in blow to vulture hedge funds
Share price jump: Sainsbury’s share price rose by as much as 20% after news of Asda merger
Shares in Sainsbury’s jumped by as much as 20 per cent this morning after the supermarket announced it was to merge with Asda, as the City gave its stamp of approval to the possible deal.
However, the proposed £7.3billion megamerger, which is subject to regulators’ approval, hit shares in rivals Tesco and Morrisons, which fell by 4 per cent and 2 per cent respectively in early trading but later recovered.
Sainsbury’s share gains also moderated later in the morning when the stock stood 15 per cent up on the day – a rise of 40.25p to 310.05p.
The announcement has also hit fun