Tesco's Leahy 'serious' about Safeway
Tuesday, 28 January 2003Tesco chief executive Terry Leahy has said his company is serious about its intentions towards rival Safeway, which is the subject of a six way bidding war in the UK.
Tesco recently said it was considering a cash and share offer, joining Sainsbury's and Wal-Mart in a battle that could wipe out Safeway, which is Britain's fourth largest retailer.
In an interview with RTE, Leahy said Tesco was very serious in its intentions, appearing to dismiss the view that Tesco is merely trying to complicate any takeover of Safeway by a rival.
UK competition authorities will scrutinise the impact of any takeover, particular if the bidder is Tesco which is already the UK's market leader.
Leahy acknowledged that whatever happens it will be a lengthy process, but promised he will be closely watching how things progress over 'the weeks and months ahead'.
Leahy was in Ireland to announce a €100m expansion by the company, which will see it take on over 1,000 new staff here.
