Morrisons Supermarket Agrees to £6.3bn Takeover Bid
In the News
A decision made purely on greed
This can only mean bad news for the employees
Their future will only be driven by investors profits from shares etc
and they will ruin a perfectly good special conglomerate
'' Morrison’s is unique in UK supermarkets in that is owns its supply chain, from the farm to the warehouse.''
https://www.dailyecho.co.uk/news/national/19417731.morrisons-supermarket-agrees-6-3bn-takeover-bid/
I think it's very sad as more and more business go out of the country for their owners or are just part of the world wide mega companies,
As a matter of fact used to be my main store and was proud of efforts to get shopping to people without internet access etc last year,but from last month started boycotting them due to lack of care for animals,seems in both cases just out for profit
Most supermarkets are profit driven S, but its worse when they start off moral and then turn against their principals and customers
if supermarkets are not profit driven then they simply wont survive. I half expected Amazon to be interested in them but clearly they decided not too. At the end of the day I dont expect this change in ownership will make a big difference and shoppers probably wont notice
When Kraft took over Cadburys they closed some British factories and re-formulated their recipes to make them cheaper in order to help pay for the acquisition of the company. It is quite possible a similar thing will happen to Morrisons. At the moment Morrisons I think buys all its meat from the UK and own their abattoirs which are fully monitored with cameras to make sure they are run correctly. Sometimes companies are acquired with loans and the interest on those loans could be paid for by increasing margins and cutting costs etc. So the acquisition almost pays for itself maybe over 10 to 20 years.
Of course it is hugely damaging for the British economy for so many companies to be foreign owned as the profits will be exported out of the country.
At first I thought it was being taken over by a US company (Fortress Investments) but it appears they themselves are owned by Softbank of Japan which are ultimately the future owner of Morrisons. Softbank were famous in the UK for buying ARM Ltd the fabless designer of CPU's in most devices in the world. Most of us will have 10s if not 100s of devices with ARM processors, be it tablets, phones, watches, cameras, washing machines, toys, tv's, games consoles etc.
Seems a bad time to buy a supermarket in the UK as the market seems saturated especially with Mere entering the market.
A 'consortium of investment groups' never sounds good when a company is being taken over. This would be subject to shareholder approval. MPs and others have raised concerns over this bid - https://www.theguardian.com/business/2021/jul/05/morrisons-takeover-apollo-bid-fortress
Depends how the new owners run it, they may simply leave it as it currently is.
Although I've not shopped in morrisons for a long time, I've found the quality, prices and staff have gone downhill, had several bad experiences with them and add to it my grandma still shops there but even shop comes home complaining.
My loyalty is with asda and tesco nowadays
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