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Reuters reports that both J. Sainsbury and Asda, the UK’s second- and third-ranked supermarket chains, have described Monday’s stories about they were contemplating making a joint bid for Safeway Plc as “speculation.”

Analysts also discounted the rumors, saying that they believed a joint bid would not resolve competition and antitrust problems, and that Sainsbury would not be likely to want to help Asda get stronger.
KC's View:
None of the actual retailers involved, however, actually denied the rumor, as best we can tell.

There seems to be an awful lot of smoke. Hard to imagine that there’s no fire anywhere.