- Private equity group Apollo said it was no longer planning to make a bid for Morrisons and was instead considering joining a rival £6.3 billion bid for the supermarket chain led by Fortress.

Fortress, owned by Japan's Softbank, already had been joined in its per share bid by Canada Pension Plan Investment Board and Koch Real Estate Investments.

Their offer of 254p per share trumped a previous offer from Clayton, Dubilier & Rice at 230p per share.

Apollo said it was in the 'preliminary stages of discussions' with Fortress about joining its bid consortium.

'As a consequence of these discussions, Apollo confirms that it does not intend to make an offer for Morrisons other than as part of the Fortress offer,' Apollo said.

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