UK: Wal-Mart’s Asda joins bidding race for Safeway
The UK subsidiary of US retail behemoth Wal-Mart, Asda, announced today that it was considering making a takeover bid for Safeway, the UK's fourth-largest supermarket operator, currently in the sights of two of its rivals. Although Asda has thus far been coy about the exact scope of its offer, the company stressed it would be an all-cash offer. Last week fifth-largest UK supermarket group Morrisons offered to buy Safeway for an all-share deal worth £2.9bn (US$4.65bn), although the value of this bid has inched down since Morrisons shares dipped. Meanwhile second-largest supermarket group Sainsbury's yesterday [Monday] said it was poised to make a cash & share offer for Safeway which would value the firm at about £3.2bn.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Analysis: Post discusses rationale for Weetabix
- Who will buy Danone's Stonyfield business?
- Interview: Sir Kensington's on sale to Unilever
- US food next wave on display at Winter Fancy Food
- Column: Why snacking is the new meal
- Unilever buys US condiments maker Sir Kensington's
- Ice cream helps Unilever sales, food flat
- Post: Weetabix "opens up M&A opportunities"
- Suntory to offload Australia, New Zealand foods
- Nestle organic growth slows but beats expectations