Retail

Potential Safeway suitor keeps clear of scrum

27 Jan 2003

Granted, Marks & Spencer hasn't said anything. But its longtime mergers adviser Morgan Stanley has now popped up on Tesco's lineup. Not leaping into a costly and timeconsuming scramble for Safeway would be wise for M&S. And that doesn't stop it from swooping in later.

Green to bid 300p or more for Safeway – report

26 Jan 2003

That would put pressure on the other bidders especially Tesco, Sainsbury and WalMart to step up to the plate. Because of the antitrust hurdles they face, which Green doesn't, their offers would need to be not only juicier but also deliverable.

Safeway fee bonanza won’t save the City

23 Jan 2003

The bad news is that only a few of them despite burning the midnight oil will actually bring in the big money. The good news from the supermarket scrum is that at least 15 banks and brokers have something to do.

Safeway withdraws Morrison recommendation

23 Jan 2003

Safeway's board would have breached its fiduciary obligation to throw the auction wide open if it continued to back the agreement. This was inevitable: five other bidders came in and Safeway shares traded a third above the value of Morrison's offer.

Boots changes tack

21 Jan 2003

But Boots has had to give up some of its historically fat margins to do so. The usually stodgy UK chemist surprised the market with a 7.5% boost in Q3 likeforlike sales.

Tesco wades into Safeway mire

20 Jan 2003

This may look crazy. After all, Tesco has a snowball's chance in hell of jumping the antitrust hurdles. But, by having a seat at the table, Tesco may hope to influence who ends up snaffling Safeway and even get some crumbs for itself.

Kingfisher still unloved

20 Jan 2003

The group has been hit by Dixons profit warning and fears over the UK housing sector. But although trading at the electricals arm will continue to be tough, the DIY business could prove to be resilient.

Philip Green eyes Safeway

19 Jan 2003

A UK retail shakeup would not be complete without him. But what advantage does he have that Morrison, WalMart and Sainsbury don't? Like KKR he has few regulatory hurdles. He also has a chance to spice up Safeway margins with clothing sales.

Safeway battle lures buyout funds

16 Jan 2003

KKR and others are poised to enter the fray. At first blush, that sounds crazy. How can they compete with three hungry industry players? But if all three bids or maybe even just two get swamped in a regulatory mire, it could be an opportunity.

PPR isn’t out of the woods yet

16 Jan 2003

There are some glimmers of light in Q4. And the group is taking steps to sort out its balance sheet and structure. But trading continues to be tough, and the outlook for Gucci isn t rosy.

M&S momentum holds up

15 Jan 2003

The UK retailer s 7% increase in likeforlike sales is not to be sniffed at. It's a pity M&S thought it could do so much better.

Wal-Mart enters Safeway bid battle

14 Jan 2003

With three suitors now fighting for Safeway's hand, this now becomes an intricate game of tactics. Much depends on the competition authorities' investigations, and the bidders' willingness to increase their proposals.

Sainsbury makes indicative £3.2bn Safeway bid

13 Jan 2003

If the supermarket group could clinch a deal on these terms, it would be valuecreating. Annual cost savings would be £300m. That's a huge "if". Sainsbury may have to make big disposals to satisfy antitrust authorities. And an auction could drive the price higher.

Sainsbury makes indicative offer for Safeway

12 Jan 2003

This is desperate. Antitrust considerations could stymie a bid. And financially stronger WalMart may enter the fray too trumping it. But desperate situations call for desperate measures. Sainsbury can't afford to see Morrison, let alone WalMart, snap Safeway up.

Safeway investors hope for a counterbid

10 Jan 2003

But even if the two decide to have a go, the real sticking point remains the competition commission. The retailer's shares have soared above the value of Morrison's offer in hopes of a counterbid from rivals Sainsbury and Asda.

Morrison to buy Safeway for £4.2bn

9 Jan 2003

It's not a buyonegetone free bargain. But the deal does stack up financially for Morrison. The question is whether the company which has never done deals can achieve the cost savings it promises.

Interbrew sacks CEO Powell

20 Dec 2002

Hiring a soft drinks veteran Cadbury's Brock is not as odd as it appears. His task will be to cultivate global brands from local brews. During Powell's tenure, Interbrew went on an acquisition binge that included botched deals and overpriced assets.

Interbrew sacks CEO Powell

20 Dec 2002

Retailers hit by Christmas shopping fears

18 Dec 2002

US retail giants have seen slower sales, and the UK s Game Group had a vicious warning. Next year s forecasts are starting to look optimistic.

Retailers hit by Christmas shopping fears

18 Dec 2002