CD&R offers to sell petrol stations so watchdog will green light £7bn Morrisons takeover April 7, 2022 Morrisons’ new private equity owner has suggested it would sell an undisclosed number of petrol stations in order to be approved by the UK’s competition watchdog. The competition watchdog had previously expressed concerns as Clayton, Dubilier & Rice (CD&R) also owns petrol station titan Motor Fuel Group (MFG). The Competition and Markets Authority (CMA) said [...]
Morrisons moves into pub sector supply with marketplace partnership September 20, 2021 Supermarket Morrisons has made a move into the hospitality arena after teaming up with StarStock, an online marketplace for the on-trade. StarStock, which allows brands to sell direct to operators through its e-commerce platform, has partnered with the supermarket to allow it to supply pubs and restaurants. Restaurant operators will be able to have “direct, [...]
CDR agrees pensions deal with Morrisons as takeover nears September 14, 2021 Private equity house Clayton, Dubilier & Rice (CDR) looks to have shored up its grip on takeover target Morrisons after coming to an agreement with trustees over the supermarket’s pension schemes. The supermarket has been at the heart of a bidding war between CDR and fellow private equity firm Fortress, with the former agreeing a £7bn [...]
Morrisons’ chairman calls Christmas supply concerns ‘slightly overblown’ October 4, 2021 Morrisons’ chairman has downplayed concerns over the supermarket supply chain this Christmas. Andy Higginson said he was “not worried” about the challenges arising from a shortage of goods drivers and reports forecasting empty shelves this autumn, the BBC reported. The supermarket boss said problems in the supply chain were “well publicised” and “slightly overblown”. “Supply [...]
CD&R £7bn Morrisons takeover put on ice amid market volatility December 2, 2021 Clayton, Dubilier & Rice’s takeover of British supermarket Morrisons has been postponed to next year, as lenders push back on the massive debt package that the US private equity firm is using to finance the buyout to wait out market volatility. In what represents the UK’s biggest buyout in more than a decade at a [...]
Tesco and Morrisons lead the charge as UK supermarkets ramp up EV support November 1, 2021 The UK’s supermarkets have ramped up their efforts to support the electric vehicle (EV) push by installing nearly 1,000 new EV charge points at their stores in the past 21 months. Rapid chargers at supermarkets have more than doubled in less than two years, according to data analysed by EV charge point finder Zap-Map and [...]
Deliveroo muscles in on rapid grocery delivery in London with Morrisons tie-up September 30, 2021 Deliveroo has made an entrance into the crowded rapid grocery delivery market by launching “Hop”, a partnership with Morrisons that will deliver groceries in south London from a dedicated “dark store”. Hop promises to deliver in “as little as 10 minutes” and launches today for initial delivery to residents in Vauxhall and Battersea in south [...]
Morrisons takeover could trigger breakup, analysts warn July 31, 2021 Analysts have warned that British supermarket chain Morrisons could be broken up if it is taken over by buyout firms. Analysts at Bernstein said they “struggle to see” how Morrisons’ assets would not be stripped if the takeover proceeds at the current or a higher offer price. Read more: Morrisons: Singapore’s wealth fund GIC joins [...]
Pension trustees warn Morrisons bidders of risk to retirement pots August 25, 2021 Private equity firms circling Morrisons have been warned buyouts would hinder its ability to support staff retirements by pension trustees. Trustees of pension assets worth £5.5bn said the proposed buyout would undermine the covenant protecting the retirement funds of members. Both Clayton, Dubilier & Rice and Fortress should offer improved financial security to scheme members [...]
Morrisons’ messy and dramatic takeover battle: Where are we now? August 20, 2021 Morrisons agreed a £7bn offer late last night in the latest twist in the UK supermarket chain’s dramatic takeover battle. Shares jumped this morning after investors digested the new deal from US private equity firm Clayton, Dubilier & Rice (CD&R). It comes weeks after a rival bidder, a consortium led by private equity rival Fortress, [...]