Morrisons shares soar on sale reports

Peter Spence
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Shares in Morrisons are spiking higher on news that of a potential sale of the supermarket.

Reuters reports that bankers are working on a debt financing packages in the order of £5bn.

The company is 9.5 per cent owned by its founding family, which is reported to have contacted buyout firms to gauge interest after the stores saw a fall in holiday sales.

The supermarket is the UK's fourth largest, but Christmas troubles saw it lose market share to rivals. Kantar Worldpanel data showed that in January it was the only big four grocer to see overall sales fall in a 12 week period.

Morrisons shares are currently trading more than 5.1 per cent higher than their previous close on that news. Shares also shot up last Wednesday on rumours of a sale.

Source: Google Finance