Morrisons unveil £3bn Safeway bid

British supermarket group Morrisons today unveiled the terms of a fresh £3bn (€4.28bn) takeover offer for rival chain Safeway.

The proposed deal, which has been backed by the Safeway board, is marginally higher than an offer made by Morrisons almost a year ago.

Since the company first expressed its interest in Safeway, rivals including Tesco, Asda and Sainsbury’s have been barred from bidding by a lengthy UK Competition Commission investigation.