The UK’s fourth-largest grocery chain Safeway saw its shares rise yesterday [Tuesday] after market speculation that it was a takeover target for French retailing behemoth Carrefour.
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According to the Guardian newspaper, Carrefour is on the lookout for more acquisitions following the successful integration of French competitor Promodès and a reduction in its debt, and the UK chain would make a suitable target. The French group already operates in 25 countries.
Shares in Safeway, which have recently been underperforming compared to its sector competitors, rallied 2.4% on the news, while Carrefour saw its shares slip 0.9%.
Analysts and officials from Carrefour later dismissed the rumours, and Safeway insisted that it never comments on market gossip.
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