Morrisons buys out Safeway in £2.9bn deal

Supermarket
chain Morrisons has agreed to buy rival retailer Safeway in a £2.9bn deal.

The
combined company will have 598 stores and a turnover of around £12.5bn if the
deal does go ahead.

However,
if Morrisons does buy the company, which is four times its size, more than
1,200 jobs could be under threat because of overlaps in the business.

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Although
the bid has reportedly been accepted, any deal would have to be formally
approved by shareholders.

By Ross Wigham