Business Services Industry
British Commission Rules All Supermarket Bidders for Safeway Must Face Probe.
Knight Ridder/Tribune Business News, March, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Mar. 20--Philip Green has been given a clear run to bid for Safeway after the DTI ruled that all other bidders must face a five-month probe.
Safeway fell 28 3/4 pence to 265 1/4 pence on surprise that Morrison Supermarkets was referred to the Competition Commission alongside its much bigger rivals Tesco, Sainsbury and Asda/Wal-Mart. Morrison's UKpound 2.4 billion all-share bid, which was the only formal offer on the table, will now lapse.
"There was substantial overlap between Morrison and Safeway stores," the DTI said. Unlike the other super-markets, Morrison did not raise "national" competition concerns, but the regulators fear it could restrict choice in local communities....
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