UK: Safeway posts lower H1 profits, receives offers for 39 stores
UK supermarket chain and takeover target Safeway has reported lower half-year profits in line with its own forecasts.
The company posted pre-tax exceptional profits of £173m (US$294.6m) for the six months to 11 October, compared to £187m a year earlier.
The retailer is currently the target of a long takeover battle, which started back in January when rival Wm Morrison offered to buy the chain. Safeway is now waiting for Morrison to launch another bid after the Yorkshire-based grocer was given competition clearance to make an offer for the chain.
Safeway also said it has received offers for 39 of the 52 stores that Morrison would have to sell if its takeover bid is successful. The offers are in excess of £543m, Safeway said. The chain has valued the other 13 stores at £31m. Analysts had previously estimated the value of the 52 stores at around £500m, reported Reuters.
The Competition Commission has published a list of uses as part of its inquiry into the recent acquisition of 115 stores and other assets from WM Morrison Supermarkets by supermarket chain Somerfield....
Supermarket Tesco further increased its lead in the UK grocery market in the twelve weeks to 24 April 2005, according to market analysts TNS. Sainsbury managed a small rise, while Wal-Mart's Asda and ...
Dairy company Robert Wiseman Dairies PLC announced today (Thursday) that its supply contract with Wm Morrison Supermarkets is not to be renewed....
Dairy Company Dairy Crest announced today (Thursday) that it is getting a bigger share of WM Morrison's dairy business. It has also acquired dairy company Starcross Foods....
Supermarket chain Safeway has reported net income of $131.3mfor the first quarter ended 26 March 2005 compared to $43.1m for the first quarter of 2004....
Retail supply chain exchanges GlobalNetXchange and the WorldWide Retail Exchange today (Monday) announced that they have agreed to merge....
Supermarket Safeway is today (Wednesday) opening a new $175m distribution centre in Auburn, Washington, the culmination of a 2 1/2 year project which it says solidifies its position in the north west....
Tesco, the UK's biggest supermarket chain, has today (Tuesday) reported a 20.5% rise in pre-tax profits to £2.029bn (US$3.84bn) for the 52 weeks ended 26 February 2005....
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