CD&R agrees pensions deal to protect Morrisons workers
The new buyers of Bradford supermarket chain Morrisons have reached an agreement with the company’s pension schemes to protect the cash pots ahead of the £7 billion takeover.
Morrisons suitor Clayton Dubilier & Rice has said it has reached agreement with the pension trustees of the British supermarket chain to provide additional security and support to the schemes, as it seeks to clinch the deal ahead of a rival bidder.
The agreement cements CDR’s pole position in the race to buy Morrisons, however Fortress could still trump the bid and the battle looks to be heading for an auction.
Chairman of the Trustees, Steve Southern, said that under CD&R, the outcome for Morrisons pensioners would be positive.
“We are pleased with the progress made and CD&R’s ability to provide the necessary support and reassurance to the schemes,” he said in a statement.
“CD&R has been proactive in its engagement with the Trustees, with discussions progressing positively and decisively, delivering a positive outcome for all members of Morrisons’ pension schemes.”
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