The Buffalo News reports that Wegmans Food Markets is rejecting the notion that it might be acquired or accept an investment by Tesco, the UK’s biggest supermarket retailer.
Tesco, which reportedly is looking for investment opportunities in the US, had identified several retailers as potential targets: HE Butt, Giant Eagle, and Wegmans.
A spokeswoman for Wegmans, Ann McCarthy, said: "Our response continues to be, as it always has been, that the entire Wegmans family is strongly committed to remaining privately held and family owned."
Tesco, which reportedly is looking for investment opportunities in the US, had identified several retailers as potential targets: HE Butt, Giant Eagle, and Wegmans.
A spokeswoman for Wegmans, Ann McCarthy, said: "Our response continues to be, as it always has been, that the entire Wegmans family is strongly committed to remaining privately held and family owned."
- KC's View:
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So there.
Our hope for Wegmans is that it remains independent and viable as long as feasible…and that if at some point it needs to reach beyond itself for assets and support, it finds a partner that will respect the integrity of the business.
The more we think about it, it is hard to imagine the fit with Tesco, which is a remarkable company but hardly the same sort of business as Wegmans’.
The death of Wegmans’ independence would in many ways be a kind of death for independents in general.
