The Office of Fair Trading has waved through Tesco’s acquisition of 21 former BP/Safeway petrol stations from Morrisons.
The retailer has announced plans to convert the stores to its Express convenience format. The deal originally involved 30 petrol forecourt stores. BP retained exemption rights on 12 sites and has exercised those on nine of them.
Separately, Somerfield has withdrawn its appeal against the Competition Commission’s findings that its stores in 12 locations need to be sold to satisfy competition concerns.
The retailer said its proposed 197p per share acquisition by Violet Acquisitions had influenced its decision to drop the appeal. The offer was finally backed by the Somerfield board on October 14.
However, it continues to appeal against the Competition Commission’s restrictions imposed on the stores it sells and who it sells them to.
The retailer has announced plans to convert the stores to its Express convenience format. The deal originally involved 30 petrol forecourt stores. BP retained exemption rights on 12 sites and has exercised those on nine of them.
Separately, Somerfield has withdrawn its appeal against the Competition Commission’s findings that its stores in 12 locations need to be sold to satisfy competition concerns.
The retailer said its proposed 197p per share acquisition by Violet Acquisitions had influenced its decision to drop the appeal. The offer was finally backed by the Somerfield board on October 14.
However, it continues to appeal against the Competition Commission’s restrictions imposed on the stores it sells and who it sells them to.
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