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Singapore’s GIC partners with fortress for £ 9.5 billion Morrisons bid

Update of Wm Morrison Supermarkets PLC

Singapore’s sovereign wealth fund GIC has participated in a consortium bid for Wm Morrison, a British supermarket chain.

A consortium led by private equity group Fortress announced on Wednesday that it would fund £ 100m for a bid vehicle that GIC offered Morrisons £ 9.5bn. GIC already holds a 0.2% stake in the grocery chain.

The Canadian pension fund CPPIB and Koch Industries units are part of the Fortress Consortium. Private equity group Apollo said this month that it is considering joining the group after deciding not to make its own offer.

The Morrisons board approved a bid of 252p per share, but had trouble with investors. “There is no tendency to support existing fortress offers,” Silchester, the largest investor in the supermarket chain, said on Tuesday.

Singapore’s GIC partners with fortress for £ 9.5 billion Morrisons bid

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