hence the chirpiness in the last couple of days ....

It has emerged that Sainsbury (Amsterdam: SJ6.AS - news) 's has competition in its bid to buy Argos-owner Home Retail Group.

It was announced by South African retailer Steinhoff, after financial markets had closed for the day in Europe, that it proposed an offer for Home Retail of 175p-per-share - valuing the company at £1.4bn.

That trumped the supermarket's planned bid of 161.3p-per-share, tabled two weeks ago, which valued Home Retail at £1.3bn - just above its current market value.