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Morrison Supermarkets Vows to Cut Safeway Food Prices after Merger.
Knight Ridder/Tribune Business News, December, 2003
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Dec. 16--Morrison Supermarkets promised to slash Safeway food prices as soon as the UKpound 3 billion merger is complete, throwing down the gauntlet to rivals Tesco, Sainsbury and Asda.
Chairman Sir Ken Morrison plans "upfront" price cuts to "retune Safeway's values" and stabilise sales and profits.
Bradford-based Morrison rose 6 1/2 pence to 229 1/2 pence as investors backed the long-awaited deal and applauded its 9.6 percent underlying sales growth. Safeway shareholders will get one new Morrison share for each Safeway share plus 60 pence cash -- making 289 1/2 pence. Safeway rose 4 3/4 pence to 288 1/2 pence.
Safeway chairman David Webster said: "We are...
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