Home Business News The competition watchdog confirms Morrisons can complete £7bn takeover

The competition watchdog confirms Morrisons can complete £7bn takeover

by LLB Reporter
9th Jun 22 2:23 pm

Morrisons have been given the green light to complete their £7bn takeover by a US private equity firm after agreeing for the new owner to sell dozens of petrol stations.

Last year Clayton, Dubilier & Rice (CD&R) won a lengthy auction to buy the Bradford-based grocer in a deal worth around £7bn.

David Potts, Morrisons chief executive, said, “I am pleased the acquisition has cleared the final regulatory hurdle and we can now work closely with CD&R on the path ahead.

“Following hard on the heels of Covid, the cost-of-living crisis is another critical period for food retailers in the UK and there is important work ahead of us as we look to help customers and colleagues through these difficult economic times.”

Sir Terry Leahy, senior adviser to CD&R and former Tesco chief, said, “We welcome today’s announcement and the CMA’s thoughtful engagement throughout the process.

“We are delighted to be supporting Morrisons on the next stage of their journey and to working closely with the team to grow the business and provide quality, value, service and choice – shopping trip attributes that have long been the company’s tradition.”

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