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Arena Magazine 2005 Issue 5 |
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Companies – news in brief
Read the latest news about the food retail sector:
The shake up in the convenience store sector continues after Morrisons agreed to sell to Tesco 21 former Safeway petrol filling stations, which made up part of Safeway's tie-up with BP Oil. The original deal for 30 sites was worth in the region of £55 million. The sale is subject to approval by the Office of Fair Trading. All staff will transfer to the new owner on completion.
Potential bidders for the Somerfield group have been told to 'put up or shut up' by government regulators. The supermarket chain has been the subject of intense takeover speculation in the last year and now the Takeover Panel has issued its ultimatum ordering interested parties to declare their hand by October 14.
In a separate development the Competition Commission has told Somerfield it must sell 12 of the 115 stores it bought from Morrisons last year because of 'competition concerns' in the 12 areas.
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