Despite reports in the British media that Philip Green no longer is interested in bidding for Safeway Plc, the retail entrepreneur says that he has no plans to pull out of contention. "Having waited for five months I'm not going to pull out now," he told one British newspaper.
Green says he will wait until government officials have ruled on which supermarkets retailers may bid for Safeway Plc before making a final decision on whether to bid on the nation's fourth largest retailer. The Competition Commission has studied the impact of an acquisition of the company by Tesco, Wal-Mart, Sainsbury and William Morrison Supermarkets, and has recommended to the government which of the companies should be allowed to bid; a final decision by the government is expected by the end of the month.
Conventional wisdom is that Morrison will be the one that will get the government's blessing.
Green says he will wait until government officials have ruled on which supermarkets retailers may bid for Safeway Plc before making a final decision on whether to bid on the nation's fourth largest retailer. The Competition Commission has studied the impact of an acquisition of the company by Tesco, Wal-Mart, Sainsbury and William Morrison Supermarkets, and has recommended to the government which of the companies should be allowed to bid; a final decision by the government is expected by the end of the month.
Conventional wisdom is that Morrison will be the one that will get the government's blessing.
- KC's View:
