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24/06/2003
Competition Commission may block bids for Safeway
In a lengthy statement today the Competition Commission has outlined why it may move to block some of the suitors’ bids for supermarket chain Safeway in the public interest.
Four bids have been referred for consideration buy the watchdog as fears grow that a takeover could undermine competition in the retail sector.
Though the Competition Commission said that it has as yet reached no conclusion on the bids, it did indicate that it considered the bid from Morrisons’ to be good in terms of continued UK competition in the supermarket sector.
A fifth bid from Philip Green, who owns both BHS and high street clothing stores has not been referred to the Commission as the company’s portfolio includes no food stores, and consequently will escape examination by the Commission.
Safeway, the UK’s fourth largest supermarket chain, has been the attention of rival bids since Sir Ken Morrison declared an interest in acquiring the business earlier this year.
However, the bids placed by the larger supermarket retails chains, Tesco, Sainsbury, and Asda (owned by Wal-Mart) have attracted fierce opposition from wholesalers concerned about the concentration of power in a few large companies in the UK.
While the Competition Commission may take several months to reach a decision, it has already warned the larger competitors for the bid that they may have to take remedial steps such as selling some stores in the UK in order to continue with their bids.
The parties concerned have until July 4 to make their views known to the Commission.
(SP)
Four bids have been referred for consideration buy the watchdog as fears grow that a takeover could undermine competition in the retail sector.
Though the Competition Commission said that it has as yet reached no conclusion on the bids, it did indicate that it considered the bid from Morrisons’ to be good in terms of continued UK competition in the supermarket sector.
A fifth bid from Philip Green, who owns both BHS and high street clothing stores has not been referred to the Commission as the company’s portfolio includes no food stores, and consequently will escape examination by the Commission.
Safeway, the UK’s fourth largest supermarket chain, has been the attention of rival bids since Sir Ken Morrison declared an interest in acquiring the business earlier this year.
However, the bids placed by the larger supermarket retails chains, Tesco, Sainsbury, and Asda (owned by Wal-Mart) have attracted fierce opposition from wholesalers concerned about the concentration of power in a few large companies in the UK.
While the Competition Commission may take several months to reach a decision, it has already warned the larger competitors for the bid that they may have to take remedial steps such as selling some stores in the UK in order to continue with their bids.
The parties concerned have until July 4 to make their views known to the Commission.
(SP)
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