 Morrisons has had mixed success since taking over Safeway |
Supermarket chain Morrisons has sold four stores in the north of England, the final step in its efforts to meet regulatory requirements for a takeover. The Office of Fair Trading (OFT) ruled that Morrisons would have to sell 52 stores to meet competition requirements after buying rival retailer Safeway.
Morrisons paid �3bn for Safeway in 2003 after an intense takeover battle.
But it has struggled ever since, with profit warnings, a falling share price, and rumours of boardroom clashes.
The four Morrison stores have been sold to Tesco, Somerfield, the Co-op and Netto.
Morrisons jumped up the pecking order of UK supermarkets with its purchase of Safeway and is now the fourth largest group, after Tesco, Asda, and Sainsbury's.
The company's shares climbed 0.25 pence to 183.5p in early trading in London.
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