BusinessCompany NewsMorrison advisers cost £33.5m

Morrison advisers cost £33.5m

The takeover of Safeway by Morrisons will cost the supermarket chain around £33.5m in fees for advice from accountants and lawyers.

The news was revealed as it emerged Morrisons would not be retaining two Safeway directors it had originally planned to keep on the board.

Of the costs to advisers round £10m have been recognised already by Morrisons in the company’s accounts for year ending February 2003 and interim figures.

Despite already being declared the costs were highlighted in the formal bid papers posted by Morrisons to shareholders yesterday.

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