Morrisons checks out Safeway

UK supermarket group Safeway has agreed to be taken over by rival Morrisons in a £2.9bn (€4.45bn) deal, it was announced today.

The pair said the move would create a “dynamic national supermarket group” valued at £5.5bn (€8.4bn), with combined sales of more than £12.6bn (€19.3bn) and a market share of 16.1%.