Business Services Industry
Somerfield in line to buy 120 Safeway stores in Britain.
Knight Ridder/Tribune Business News, October, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 9--Somerfield is the front-runner to buy 120 small Safeway stores from Morrison Supermarkets in a deal that could be worth UKpound 400m to UKpound 600m.
They have been holding detailed talks for several weeks since Morrison whittled down its list of potential buyers, the Mail can reveal.
An agreement could be finalised within a month. It is a large deal for Somerfield to finance. The group is likely to partially fund the purchase by raising money against the stores via a sale-and-leaseback deal.
Analysts will be pleased that Morrison (up 1 1/2p to 194 3/4p) is selling the shops.
They are too small to be converted to its own brand and the...
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