Reuters: Global Markets: Morrisons falls after UBS confirms placing

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Morrisons falls after UBS confirms placing May 22nd 2013, 10:36 Tweet Share this Email Print Related News Morrison seals $306 million Ocado deal in online catch-up Fri, May 17 2013 UPDATE 3-Morrison seals $306 mln Ocado deal in online catch-up Fri, May 17 2013 UPDATE 1-UK Stocks-Factors to watch on Friday May 17 Fri, May 17 2013 Morrisons seals deal with Ocado for online service Fri, May 17 2013 Asda shuns vouchers as sales rise Thu, May 16 2013 Related Topics Hot Stocks » Asian Markets » A Morrisons sign is seen outside a supermarket in north London March 14, 2013. Credit: Reuters/Luke MacGregor LONDON | Wed May 22, 2013 6:36am EDT LONDON (Reuters) - Shares in Britain's No.4 grocer Wm Morrison Supermarkets (MRW.L) fell 3 percent on Wednesday after UBS confirmed it had placed around 100 million shares in the firm at 280 pence for an institutional seller. The sale represents a 4.4 percent stake in Morrisons and is equivalent to eight days worth of volume. The shares, which closed at 289.30 pence on Tuesday, traded at 280.9 pence at 6.24 a.m. ET. The seller of the holding was not immediately known. However, the size of the disposal closely tallied with a holding owned by Walter Scott & Partners Ltd. That firm declined to comment. The placing comes less than a week after Morrisons said it would invest more than 200 million pounds ($303 million) in a 25-year deal with online grocer Ocado (OCDO.L), as it seeks to catch up with rivals in home delivery. Some analysts have questioned the logic of the deal for Morrisons. Shore Capital analyst Clive Black said it was "a potential waste of capital that does not yet credibly lead to a profitable grocery online business." ($1 = 0.6604 British pounds) (Reporting by David Brett and Toni Vorobyova; additional reporting by James Davey) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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