Singapore adds firepower to Fortress assault on Morrisons

Fortress has picked up another ally in its ongoing attack on Morrisons. Singapore’s sovereign wealth fund, GIC, said yesterday that it would provide £100m of funding to the £6.3bn offer being put forward by the Fortress consortium. The development came after the supermarket’s biggest shareholder Silchester International Investors, which holds 15.1%, said it would not back the bid. Fortress needs 75% support and not a single shareholder has publicly backed its approach so far. US private equity firm Clayton, Dubilier & Rice has a until 9 August to make an offer, and is understood to be working on a fresh bid. The Times (£) The FT (£) To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews