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Morrisons defends its £6.3bn private equity takeover


The move came the day after it emerged Kwasi Kwarteng, the Business Secretary, was ‘monitoring’ the deal and seeking a meeting with the board. But there were calls yesterday for the House of Commons business committee, chaired by Labour’s Darren Jones, to probe the takeover.
Former Tory environment minister Lord Blencathra warned that Morrisons was ‘ripe for asset-stripping’ and called for MPs to investigate, while trade union Unite called for the implications for the food industry to be scrutinised.
Jones has so far asked the Competition and Markets Authority to explain what powers it may have to intervene in the deal. But Lord Blencathra, who served in the governments of John Major and Margaret Thatcher, said executives from Morrisons and its potential buyers should be hauled into Parliament as part of a wider inquiry into private equity’s raid on UK plc. ....

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