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Morrison's supermarket up for sale.

The board at Morrison's, Britain's fourth largest supermarket chain, has accepted a bid of £6.3 Billion/$8.7 Billion from U.S. investment group Fortress.

110,000 staff at nearly 500 stores most of which Morrison's own the freehold to will be included in the deal.

Fortress' bid is backed by funding from Canada Pension Plan and Koch real estate investments. Part of Koch industries.

LOTTA questions are likely to be asked by both UK government and the opposition as to why they want it and guarantees will be sought for the staff currently employed before government consents to the sale let alone if shareholders approve it.

https://www.bbc.co.uk/news/business-57705253
SW-User
all the morrisons near me have shut
Gangstress · 41-45, F
@Picklebobble2 real estate is the answer!
Picklebobble2 · 56-60, M
@Gangstress I’m not so sure.
Cameron tried to do a deal during Trump’s tenure.
Remember when Trump was chuntering on endlessly about trade deals ?

Part of Trump’s dealbreaker was about being able to offload bleached chicken, and when it made the news, a lot of people were annoyed since bleached chicken is considered below the current standard accepted for food safety.

If Kotch have the same idea and they know no other supermarkets would stock it, is it possible they intend to fill Morrison’s stores with produce that wouldn’t pass normal food standards ?

We have Boris in charge remember !
SW-User
@Picklebobble2 well Walmart have sold asda back to a British company that's one less chlorine dipped chicken on the shelves haha
ArishMell · 70-79, M
Another significant British company sold off abroad for a quick nest-egg to rapacious money-trading rings.

No guarantee of employment, nor of product range and QC. No control over it beyond legal obligations.
No guarantee of its survival.
Going with it, all its trading, selling-on* or indeed asset-stripping profits, so a further financial drain on the country...

I assume the sale includes the farms and fishing-vessels Morrisons own; unusually for supermarket chains. If so the former represents a sale of territory abroad - rather like all those London homes bought by overses speculators who leave them empty or at least neglected.

*To China? Russia? Dubai?
Picklebobble2 · 56-60, M
@ArishMell Well therein lies the question.
Why would they want it ?

Logic suggests it's either to bury dodgy money or it's to re-stock with foodstuffs that are below standard for a higher profit margin.
Or it's because Morrisons actually OWN the site's they've built on. Which if you're an investment company might be seen as 'prime real estate locations' which they could then build over.
ArishMell · 70-79, M
@Picklebobble2 My thoughts exactly.

A local company, DEK, built high-precision industrial screen-prining machines, at first for labelling goods, later for printing electronic circuit-boards.

Two of the DEK designers left and set up their own, called SM-Tech I think, focussing on the pcb machines. They found an American "investor" and agent who did indeed put money into it; but it was of course deceit. About a year later these "investors" abruptly closed SM-Tech and took its IP to America.

I do not know who those Americans were, but significantly a subsidiary of a US giant called the Dover Corporatiom - owned by a handful of money-swappers in New York - were already DEK's agents in the States at the time. I do wonder...

DEK thrives under a different, probably foreign, ownership and company name though that invented word is still the brand; and its premises are on an established industrial estate so should be safer than a supermarket from being replaced with flats no-one locally can afford. Ironically though, its customers include some of the huge Far Eastern companies that have destroyed most mass-production of electronic goods in the West.

'

Severla years ago one of London's main football "clubs" was bought by an Israeli investor. Makes a change from Russian and American big-money types, I suppose, but like them he had no interest in what to him is a foreigners' sport. He frankly admitted knowing so little about football he did not even know the number of players in a side. His expertise was the hotel trade. Hmmm.

 
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