Photo: Matthew Horwood/Getty Images

Walmart received several first-round bids for a majority stake in the British supermarket chain Asda, which could fetch at least £7 billion, per Bloomberg.

Why it matters: This is a big test of whether private equity can still secure large debt financing packages at attractive rates.

  • Suitors are Apollo Global Management, Lone Star Funds, and TDR Capital (paired with EG Group).

The backdrop: Asda and rival Sainsbury’s last year tried to merge, but were blocked by U.K. competition regulators. Walmart subsequently considered a public listing, but seems to have instead settled on a sale process.

The bottom line: "U.K. grocers are facing surging demand from shoppers stockpiling essential items. That’s made them a bright spot in the consumer industry, which overall has been hurt as the coronavirus outbreak leads to shop closures and less foot traffic. Still, the high demand for everyday goods is putting immense pressure on supply chains, and over the weekend some of the country’s largest supermarket chains published a letter in national newspapers asking consumers to stop stockpiling," per Bloomberg.

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Supreme Court rejects GOP push to cut absentee ballot deadline in N.C.

Photo: Robert Alexander/Getty Images

The Supreme Court on Wednesday rejected an attempt by conservatives to shorten North Carolina's deadline for mail-in ballots from nine to three days.

The big picture: This is the latest of a series of decisions over mail-in ballot deadlines in various states.

Hurricane Zeta makes landfall on Louisiana coast as Category 2 storm

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta made landfall along the southeastern coast of Louisiana as a Category 2 storm on Wednesday, bringing with it "life-threatening storm surge and strong winds," per the National Hurricane Center.

What's happening: The hurricane was producing maximum sustained winds of nearly 110 mph and stronger gusts.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Surge "is real" and not just caused by more tests, Trump's testing czar saysMask mandates help control rise in hospitalizations Some coronavirus survivors have "autoantibodies."
  3. Business: Surge is sinking consumer confidence Testing is a windfall.
  4. World: Europe faces "stronger and deadlier" coronavirus wave France imposes lockdown as Macron warns of overwhelming second COVID wave Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed as COVID-19 surges MLB to investigate Dodgers player who joined celebration after positive COVID test.