7th Apr 2005 07:00
Morrison(Wm.)Supermarkets PLC06 April 2005 Dissolution of the BP and Safeway Partnership Wm Morrison Supermarkets PLC announces it has reached agreement with BP Oil UKLimited ("BP") for the dissolution of the BP and Safeway Partnership ("thePartnership"). 61 petrol filling sites and convenience stores operated by thePartnership will be divided between BP (31) and Safeway (30). The effect of thetransaction is that following completion each of BP and Safeway will have a 100%interest in approximately one half of the Partnership related net assets. At 30 January 2005 the book value of Safeway's interest in the Partnershiprelated net assets was £67.4 million. It is expected that the transaction will be completed before the end of June2005. BP and Safeway have made arrangements for the continued supply ofgroceries and fuel to each other for a period following completion and thePartnership's sites will continue to be operated for a period of up to ninemonths following completion under the joint BP Safeway brand. Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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