Business Services Industry
Evening Standard, London, market report column.
Knight Ridder/Tribune Business News, August, 2004
By Mickey Clark, Evening Standard, London Knight Ridder/Tribune Business News
Aug. 9--MORRISON REACHES SELL-BY DATE AS SAFEWAY TAKES TOLL: WM Morrison, which recently acquired rival Safeway, dipped 4 1/4p to an 18-month low of 173 1/2p as one big seller jettisoned stock.
Broker ABN Amro placed around 24 million shares, or almost 1 percent of the company, in the market at 174p as more than 45 million changed hands.
Morrison, now valued at almost UKpound 5 billion and rated Britain's fourth-biggest supermarket chain, has seen its shares drop from 240p since the middle of last month on the back of a profits warning.
The group was forced to admit it has been unable to recapture many of the customers Safeway hemorrhaged prior to...
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