Skip to content
Search

Latest Stories

Top Morrisons investor says CD&R should raise takeover bid

ONE of Morrisons top shareholder, J O Hambro said that US private equity firm Clayton, Dubilier & Rice (CD&R) must raise the bid amount for takeover to succeed.

The UK-based asset management company said that any potential bidder for the supermarket group should raise its offer to £6.5 billion.


Last week, Morrisons declined a £5.5bn takeover proposal from the CD&R, saying the offer “significantly undervalues” the firm.

J O Hambro, which owns 3 per cent of Morrisons, said this was a “high-octane” approach that would “create a more volatile asset”.

J O Hambro backed the Morrisons decision to decline the £5.5 bn takeover offer and said that CD&R should pay a “fair price” to merge the supermarket’s petrol station arm with its Motor Fuels Group – a combined company that would create a forecourt giant with around 1200 sites across the UK.

“The fuel purchasing and food retailing synergies here are clear to see,” the shareholder said. “But CD&R should pay a fair price in order to access those synergies.”

Morrisons is Britain’s fourth largest grocer by sales after Tesco, Sainsbury’s and Asda.

Meanwhile, British takeover rules give CD&R until July 17 to come back with a higher offer.

Amazon, and private equity firms Apollo, Lone Star and KKR, are all understood to be interested in a potential takeover of the supermarket.

More For You

Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

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

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less
Rachel Reeves

Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.

Getty Images

Reeves urges ministers to back Bank of England on inflation

CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.

Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.

Keep ReadingShow less