New Safeway owner records significant growth

UK supermarket chain Morrisons has reported record sales over Christmas. The company said like-for-like sales jumped 10.2% in the six weeks to January 4.

Currently the UK's fifth biggest chain, the company has recently agreed a £3bn (€4.31bn) acquisition of fellow supermarket Safeway.

In December Morrisons agreed to offer one of its shares plus £0.60 in cash for each Safeway share.

Morrisons said it hoped to complete the takeover, which has the backing of Safeway directors, by March.

Morrisons was founded in 1899 by William Morrison, father to the current chairman Ken Morrison.

Morrisons became a public company in 1967 and in April 2001 was listed on the FTSE100.