UK: Wal-Mart’s ASDA plots to take over Safeway in the UK
A newspaper report that Wal-Mart's UK subsidiary ASDA is plotting a £2.8bn (US$4.4bn) takeover of struggling sector rival Safeway prompted the latter's shares to open 5% higher this morning [Friday]. The Daily Mail reported, through unnamed sources, that ASDA has approached the regulatory Office of Fair Trading (OFT) to establish whether it could get the green light for a buyout of the UK's fourth-largest supermarket group.
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