Morrisons’ private equity buyers have agreed to sell a number of petrol stations to force through the £7billion takeover.
New York-based Clayton, Dubilier and Rice, which also owns forecourt operator Motor Fuel Group (MFG), won the battle for control of Morrisons in October.
But the Competition and Markets Authority launched an investigation because MFG owns 921 petrol stations while Morrisons has 339.
Concern: Clayton, Dubilier and Rice, which also owns forecourt operator Motor Fuel Group, won the battle for control of Morrisons in October
The regulator last month found that the tie-up could push up prices in 121 locations across the UK where they both operate.
It said the findings were particularly important with petrol prices near record highs and gave CD&R a week to propose a way to address its concerns.
And yesterday the watchdog said CD&R has offered to sell some of its petrol stations – paving the way for the deal to be approved.
CD&R won an auction for Morrisons in October after a lengthy battle in which it tipped American private equity rival Fortress by 1p per share.
Days later the CMA launched a probe into the deal over fears it would create a group controlling more than 1,200 of the UK’s 8,000 petrol stations. It ordered Morrisons to stay independent during the investigation.
MFG is the UK’s biggest independent forecourt operator with petrol stations across brands such as Texaco, BP and Shell.
CD&R did not say how many forecourts it has offered to sell, but the CMA said the deal ‘might be accepted’ under the proposals.
A key part of CD&R’s interest in Morrisons was the opportunity to expand its convenience store chain across MFG forecourts.
But CD&R is also said to be looking for a buyer for MFG, which could be worth up to £5billion.
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