Business Services Industry
Wal-Mart, Tesco, Other Stores Fight for Lion's Share.
Knight Ridder/Tribune Business News, January, 2003
By Brett Arends, Daily Mail, London Knight Ridder/Tribune Business News
Jan. 10--Wal-Mart is almost certainly doing its sums for a possible counter-bid for Safeway. Some City sources argue the US giant, which already owns Asda, could bid up to UKpound 5 a share and still find the acquisition adds to earnings. That would match the rating, 20 times earnings, it paid when it acquired Asda four years ago. And it could certainly find the UKpound 5 billion cash needed. Wal-Mart takes that much in its tills every 10 days.
But the Competition Commission might jib at turning a powerful Big Four into an even more dominant Big Three, which would surely be the result.
Tesco already has a 26 percent market share. A combined Safeway and Asda would...
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