Suitor reaches agreement with Morrisons pensions trustees
Morrisons is at the centre of a bid battle between two US private equity firms.
The supermarket group agreed a £7bn offer from Clayton, Dubilier & Rice (C,D&R) in August, but a rival consortium led by Fortress could still trump the bid and the battle looks to be heading for an auction.
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Hide AdChairman 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.
"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."
Sir Terry Leahy, senior adviser to CD&R funds, added: "We are delighted to have reached agreement with the trustees, providing additional security and covenant support to the schemes.
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Hide Ad"We thank the trustees for their constructive engagement, and the positive outcome underscores CD&R's approach as a responsible investor and emphasises the respectful approach CD&R would take to its wider stakeholder responsibilities and commitments."