UK: Morrisons makes £2.9bn offer for Safeway
UK supermarket chain William Morrison has made a £2.9bn (US$4.7bn) bid for UK rival Safeway, ending months of takeover speculation. Safeway, the UK’s fourth-largest supermarket chain, had been struggling to adequately compete with its larger rivals Asda, Tesco and Sainsbury. A merger with Morrison, the UK’s fifth-largest supermarket chain, would create a firm with sales of £12.6bn and a market share of 16.1%, challenging Wal-Mart subsidiary Asda for third place in the market.
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