Delicate condition

6 May 2003

He would. But that’s not going to be in the best interest of Safeway shareholders. The retail guru reportedly wants the Takeover Panel to stop rivals under antitrust scrutiny making "conditional" bids before he commits.

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Philip Green is pressing the Takeover Panel to rule on whether rival bidders for Safeway, currently being investigated by the Competition Commission, could make conditional offers in response to a formal bid, according to the Sunday Telegraph.

Should Tesco, Sainsbury, WalMart's Asda and Morrison be able to make such offers for Safeway, the retail entrepreneur might wait until August to make a move, when the authorities complete their enquiry, or even pull out altogether, according to the report.

Philip Green has also been told that Safeway won't make any more information available to him unless he meets the management and shows some evidence of his commitment.

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