Morrisons counts Safeway costs

Morrisons is predicting it will incur transaction costs of £65 million if it is successful in its bid for Safeway.

The estimate is contained in last week's 500-page report from the Competition Commission. The figure is believed to include £15m of stamp duty.

This figure is considerably higher than the £27.7m contained in Morrisons listing particulars for its now lapsed all-share offer, published at the beginning of February.

It is understood that the £65m figure also includes picking up Safeway's considerable defence costs.

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