UK: Safeway: deep pockets and patience (COMMENT)
Morrisons' recent bid for rival UK supermarket Safeway sparked a furious round of counter-proposals. Morrisons has secured £1bn (US$1.6bn) of new bank facilities, £250m of which is earmarked for refinancing Safeway's debt. With offers and counter-offers, phoney or otherwise, now coming in thick and fast, deep pockets and patience may well end up winning the day.
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