// Morrisons to meet business secretary Kwasi Kwarteng to discuss potential takeover of grocer
// The meeting is likely to take place next Friday and is designed to allay concerns
// Kwarteng said Morrisons was a “significant business” due to its history and employment
Morrisons chief executive David Potts is reportedly due to meet business secretary Kwasi Kwarteng next week to discuss the potential takeover of the grocer by private investment firm Fortress.
The meeting is likely to take place next Friday and is designed to allay concerns about the implications of a Morrisons deal, The Times reported.
It comes after the Morrisons board agreed a 254p per share offer from Fortress last week, valuing the grocer at £6.3 billion.
READ MORE: Morrisons £6.3bn takeover prompts call for crunch meeting
Concerns include asset stripping, repercussions for wider stakeholders such as suppliers including farmers, and food security concerns in the wake of Brexit and the pandemic.
Kwarteng said Morrisons was a “significant business” due to its history and employment of 130,000 people.
Fortress has said it would be a good, long-term custodian of Morrisons. It signalled there would be no “material” sale and leaseback of Morrisons’ stores, supported a landmark £10 an hour pay award and is committed to continuing to work in partnership with suppliers such as farmers.
Kwarteng said he is “monitoring the situation” and is “very interested in seeing how the situation develops”.
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