Asda Group Ltd., the British arm of US retailer Wal-Mart, said that it is all set to buy the UK stores of the discount supermarket group Netto for £778 million. Asda said that this move of the company would its position as the No. 2 food retailer in UK. Netto is a supermarket group from Danish chain Dansk Supermarked A/S, owned by Danish shipping container group A. P. Moller Maersk A/S.

In an attempt to catapult Tesco as the nation's biggest non-food items retailer, ASDA is in process to open 125 stores.

ASDA, the Second-biggest supermarket in the UK, has set 2015 as its deadline to achieve the above mentioned goal.

President and Chief Executive of ASDA, Andy Bond, announced that he would step down from ASDA. The company under him has been Britain's second-biggest supermarket for the last 16 years.

For a smooth handover of responsibility to the next Chief Executive he would work as a part-time Chairman. The Wal-Mart-owned company was expected to disclose the name its next boss in a week's time.

Clearing all air for any misinterpretation of his decision, he said that it's his own decision and no complications are attached to it.