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Morrisons shares surge 34% after takeover approach; China crackdown hits bitcoin – business live | Business

Mount Equity Group Tokyo, Japan > News > Business > Morrisons shares surge 34% after takeover approach; China crackdown hits bitcoin – business live | Business

Morrisons occupies an unusual space in the grocery landscape of the UK, for a couple of reasons. Morrisons still own much of their supply chain all the way back to the producers and farms that supply it, as well as the manufacturing of many of their own-brand goods for stores, which is an asset at a time when supply chains are challenged by a combination of COVID-19 and Brexit. They also have a unique relationship with Amazon, being the supplier of much of the product for Amazon Prime Pantry and their Go store recently opened in London.

When you combine this with their financial situation – trading at almost 1 to 1 book value, yet with a pension surplus and minimal debt and lease commitments, you can see how the business could become a target. I would be surprised if there aren’t a number of very hurried discussions taking place with Amazon though, to see if they’re looking to launch the Whole Foods brand through a…

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