31st Aug 2005 07:03
Tesco PLC31 August 2005 Tesco announces offer for 30 former BP/Safeway petrol stations from Wm Morrison Tesco today announced that it has made an offer to acquire up to 30 former BP/Safeway petrol stations from Wm Morrison, subject to BP pre-emption rights on 12petrol stations. This is a small deal that will allow Tesco to convert freeholdsites in good locations, with new and conforming forecourts and shops, to itsExpress convenience format. The stores are complementary to Tesco's existing Express network and will bringthe Tesco shopping experience to more local neighbourhoods across the country.Customers will benefit from lower prices and improved choice, range and servicein the growing convenience market. This asset deal is part of a series of Morrison disposals following on from theMorrison/Safeway merger and will be subject to Office of Fair Trading clearance. -Ends- For further information please contact: Press Julie Chadwick 01992 646 143Investor Relations Steve Webb 01992 644 800 Notes for editors: The UK convenience market is valued at around £24billion. It is a fragmentedmarket with over 50,000 stores. Following the acquisition Tesco's share of the convenience market will be around6% measured on sales. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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