Business Services Industry
Bidders for British Grocer Safeway Hedge Bets, Look for Alliances.
Knight Ridder/Tribune Business News, January, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Jan. 28--Safeway's suitors are practising the art of bed-hopping in case the bid battle does not go their way. Sainsbury, Asda/Wal-Mart and Tesco each expect their bids to be referred to the Competition Commission, so they are hoping to hop in bed with less controversial bidders Philip Green, KKR and Morrisons in case some stores come up for grabs.
A source from one camp said: "If you are Philip Green or KKR, all the trade buyers want to pay their respects. The supermarkets know they can't buy all Safeway's stores, but want to try for some."
Asda is determined to press ahead with a cash offer, but Tesco would settle for a chunk of stores. Sainsbury is keen to join with Morrisons...
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