Article: City: Wal-Mart goes on a supermarket sweep It was a bad week for Sir Geoff Mulcahy. But after seeing Asda snatched from his grasp, Neil Bennett found him ever more determined

Sitting in a hotel room in Shanghai at midnight last Thursday, Sir Geoffrey Mulcahy, Kingfisher's chief executive, had every reason to feel sorry for himself. His dream of becoming Europe's most powerful retailer had been shattered, he had suffered an embarrassing exodus of senior staff and there he was, 6,000 miles from home, saddled with the job of opening a new B&Q warehouse in China.

"I have learned over many years that life is like that. It would have been a great deal for both sets of shareholders but it was not to be. It is in the past now, and we have to look at the future."

Last Monday, Mulcahy was astonished when he took a call from Archie Norman, Asda's chairman, at 7.10am. ...

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