UK supermarket chains Wm Morrison Supermarkets and Safeway have announced that the High Court has sanctioned the scheme of arrangement between Safeway and its shareholders through which the merger with Morrisons is to be carried out.
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As previously announced, Morrisons and Safeway expect to implement the scheme and complete the merger on 8 March 2004. Upon completion of the merger, Safeway will become a wholly-owned subsidiary of Morrisons.
The two companies said that in accordance with the scheme, Safeway shareholders will, upon completion of the merger, be entitled to receive one new Morrisons share plus 60 pence in cash for each Safeway share held at 6:00 pm on 5 March 2004.
