business news in context, analysis with attitude

The Daily Telegraph in the UK reports that two US-based major shareholders in Safeway Plc -- the Fidelity and Alliance Capital Management funds -- have offered to sell their shares to any of three of the companies bidding for the UK’s fourth largest retailer.

A go-between for the funds reportedly made the offer to Wal-Mart, Kohlberg Kravis Roberts, and Philip Green -- the three potential buyers likely to pay cash for Safeway.

Safeway came on the market when it accepted an initial bid from the Wm. Morrison supermarket company, which set off a frenzied series of bids from other companies. It is expected that Safeway will fetch between the equivalent of $5 billion and $6 billion (US) when it is finally sold off – which won’t happen until the competition regulators in the UK have their say.
KC's View:
We’re not sure if we’re watching poker…or chess. But it sure is fascinating to watch.