THE leader of Bradford Council says she has been assured the consortium behind the takeover of Morrisons will 'want to continue to be a good citizen in Bradford'.
Councillor Susan Hinchcliffe, leader of Bradford Council, earlier at today's shareholders meeting where the Bradford-based supermarket chain's £7m takeover was voted for.
The shareholders decided to back a £7bn takeover bid by US private equity giant Clayton, Dubilier & Rice (CD&R).
READ MORE: Morrisons' £7bn private equity takeover approved by shareholders
Cllr Hinchcliffe has been told by the consortium that it will meet with Bradford Council officials.
She said: “I wanted to make sure the voice of the people of Bradford was heard by the shareholders today, so I asked to go and speak.
"Morrisons is a great brand and one that has a heritage and an importance in the Bradford district far beyond its significant economic contribution.
"Sir Ken Morrison will always be a Bradford great in our collective memory.
"His grit and determination built a brilliant business which employs 6,500 people in Bradford alone.
"His efforts typify the Bradford spirit of grit and determination, which is hugely inspiring for me and for others.
"I thought it was important that Morrisons’ shareholders heard about how important the business is to Bradford district but also to tell them how much we have to offer the business.
"We have a willing, young workforce.
"We are positioned right in the heart of the North of England with significant experience of food production.
"Whatever measure you use we are a great place to invest.
Morrisons has assured me that the new owners will want to continue to be a good corporate citizen in Bradford
"They have committed to making sure we meet with the new owners at the earliest opportunity and I look forward to that.”
The takeover saga has dragged on since CD&R first made an approach for the Bradford-based grocer back in June, leading to speculation the sector was ripe for private equity takeovers.
Following the initial bid, rival Softbank-backed Fortress made an offer of £6.3 billion in July. But shareholders felt this was too low and Fortress, which owns Majestic Wines, returned with an increased offer of £6.7 billion in August, which the board accepted.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel