20th Sep 2007 09:06
Morrison(Wm.)Supermarkets PLC20 September 2007 OFT INVESTIGATION INTO DAIRY PRODUCTS RETAIL PRICE INITIATIVES Morrisons firmly believes that it was not directly involved in the DairyProducts Retail Price Initiatives that are the subject of the OFT's inquiry,relating to the period 2002 and 2003, which has been on-going for a number ofyears. As part of its inquiry, the OFT has been investigating the conduct of Safeway,prior to its acquisition by Morrisons. However, Morrisons has not been madeaware of any evidence that suggests that Morrisons itself was involved in theDairy Products Retail Price Initiatives; and at no point during its inquiry hasthe OFT requested any documents or information from Morrisons. The company willbe giving careful consideration to the contents of the OFT's Statement ofObjections, but is currently of the view that the OFT cannot have reasonablegrounds for believing Morrisons might have been involved in the Dairy ProductsRetail Price Initiatives. Morrisons takes adherence to competition law very seriously and operates acomprehensive and robust compliance programme, which was extended to coverSafeway immediately on the company's takeover. In keeping with this duediligence and good record, Morrisons has fully co-operated with the OFT indealing with their enquiries about the former Safeway business. Strong representations with regard to the OFT Statement of Objections will bemade on the basis that Morrisons should not be part of this inquiry, and thatMorrisons inherited from Safeway a matter not of Morrisons making, or doing. Having acquired Safeway in March 2004, Morrisons reduced the price of manythousands of product lines in former Safeway stores, to match those in Morrisonsstores; and also applied its consistent single National Pricing Policy. Thesemoves provided a significant benefit to customers throughout the UK, withsubstantial savings on a typical shopping basket. Morrisons continues to seek to ensure the best value for our customers, whilstalso paying fair market prices. - Ends - Further information: Wm Morrison Supermarkets PLC Media Gillian Hall 0845 611 5111 Investors Niall Addison 077646 24701 Citigate Dewe Rogerson Jonathan Clare/Simon Rigby/Sarah Gestetner 020 7282 2847 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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