NEWS RELEASE
8th March 2004
Morrisons completes merger with Safeway
Shares in the enlarged Wm Morrison Supermarkets PLC began trading today, marking the formal completion of the merger between Safeway and Morrisons and the creation of a major new force in UK food retailing. The shares began trading at 247p giving the group a market capitalisation of £6.5 billion.
Sir Kenneth Morrison CBE, Executive Chairman of Morrisons, said:
"Today marks the end of a process that started well over a year ago but it also marks an exciting beginning for our new company. In January last year we promised that this merger would create a major fourth force in UK food retailing. We must now focus all our energy and the very considerable talents of all of our employees on delivering that promise. We have clear and detailed integration plans and I remain very confident that we can put these plans in place quickly and effectively.
"I would also like to welcome the employees of Safeway, together with the new Morrisons Shareholders, and look forward to working with them to make this integration a success."
Changes start in August 2004
The store conversion programme will begin in August 2004 and will be completed by early 2007. The plan is to convert 3 stores per week or 120 stores per annum. The refit of 50 large stores
being complete by November 2004 and 150 large stores by the end of 2005.
Larger stores will be targeted as a priority, with the Safeway Megastore in Gamston (Nottinghamshire) to be converted first.
The undertakings to the Office of Fair Trading (OFT) require
Morrisons to divest 52 stores by the end of 2004. Forty-eight of these will be Safeway stores. Four will be existing Morrisons stores (Ripon, Chester, Southport and Bramley) swapped with the nearest local Safeway store, which will be refitted and re-branded in the Morrison format as soon as possible.
In addition, there will be eight new stores openings in 2004. Morrisons will also continue to bid competitively for new sites and maintain its existing programme of store refurbishment and
upgrading.
R I P
8th March 2004
Morrisons completes merger with Safeway
Shares in the enlarged Wm Morrison Supermarkets PLC began trading today, marking the formal completion of the merger between Safeway and Morrisons and the creation of a major new force in UK food retailing. The shares began trading at 247p giving the group a market capitalisation of £6.5 billion.
Sir Kenneth Morrison CBE, Executive Chairman of Morrisons, said:
"Today marks the end of a process that started well over a year ago but it also marks an exciting beginning for our new company. In January last year we promised that this merger would create a major fourth force in UK food retailing. We must now focus all our energy and the very considerable talents of all of our employees on delivering that promise. We have clear and detailed integration plans and I remain very confident that we can put these plans in place quickly and effectively.
"I would also like to welcome the employees of Safeway, together with the new Morrisons Shareholders, and look forward to working with them to make this integration a success."
Changes start in August 2004
The store conversion programme will begin in August 2004 and will be completed by early 2007. The plan is to convert 3 stores per week or 120 stores per annum. The refit of 50 large stores
being complete by November 2004 and 150 large stores by the end of 2005.
Larger stores will be targeted as a priority, with the Safeway Megastore in Gamston (Nottinghamshire) to be converted first.
The undertakings to the Office of Fair Trading (OFT) require
Morrisons to divest 52 stores by the end of 2004. Forty-eight of these will be Safeway stores. Four will be existing Morrisons stores (Ripon, Chester, Southport and Bramley) swapped with the nearest local Safeway store, which will be refitted and re-branded in the Morrison format as soon as possible.
In addition, there will be eight new stores openings in 2004. Morrisons will also continue to bid competitively for new sites and maintain its existing programme of store refurbishment and
upgrading.
R I P
:safeway:
? or r u an armchair fan?
