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Article: Asda poised to bid GBP 1bn for Matalan

Article from:
Scotland on Sunday
Article date:
June 15, 2003
Author:
Copyright

WAL-MART, owner of the Asda supermarket chain, is close to confirming speculation of a GBP 1bn bid for discount retail chain Matalan.

The two companies have held informal, preliminary talks about an agreed takeover that would give Asda another outlet for its highly successful George range of clothes.

But Asda is unlikely to make a bid until the Competition Commission makes a decision on Safeway, which Britain's main retailers - including Wal-Mart, Tesco, J Sainsbury and WM Morrison - are all trying to buy.

Any deal with Matalan would require the consent of the Hargreaves family, which controls a 52 per cent stake in the company. Matalan ...

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