Skip to content 
Search

Latest Stories

CD&R gets more time to make counter bid for Morrisons

THE UK takeover panel has extended the deadline for Clayton, Dubilier & Rice (CD&R) till August 20 to consider a counter takeover bid for the supermarket group Morrisons.

CD&R had time until 5pm on August 9 to make an offer or walk away, but the US private equity firm sought more time after its rival bidder, SoftBank-owned Fortress, increased its bid to £6.7 billion on Friday (6).


On Friday (6), Morrisons also adjourned its shareholder meet to vote on the Fortress offer from August 16 to August 27.

Fortress has offered 270 pence per Morrisons share plus a 2 pence a share special dividend and said it “remains committed to becoming the new owner of Morrisons.”

On June 17, Morrisons rejected a 230 pence a share proposal worth £5.52bn from CD&R, which has former Tesco boss Terry Leahy as a senior adviser.

Later on July 3, the supermarket group had agreed to Fortress’ 254 pence a share offer worth £6.3bn, but its major investors Silchester, M&G and JO Hambro said the offer was too low.

J O Hambro had said that CD&R must raise the bid amount for takeover to succeed.

For the Fortress’ latest offer to pass it needs the support of shareholders representing at least 75 per cent in value of voting investors at the meeting on August 27.

Besides, the Fortress consortium has given assurances that it would retain Morrisons’ Bradford, northern England, headquarters and its existing management team led by Chief Executive David Potts and execute its existing strategy.

The Fortress consortium includes Canada Pension Plan Investment Board, Koch Real Estate Investments and Singapore’s sovereign wealth fund GIC.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less