Apollo may join £9.5bn Fortress bid for Morrisons

Apollo has confirmed that it is in talks with Fortress about a joint bid for the Morrisons supermarket group. In a statement this morning, Apollo Global Management said it was in “the preliminary stages of discussions with Fortress Investment Group”. It added that the talks “may result in funds managed or advised by Apollo forming part of the investment group led by Fortress for the purposes of the Fortress Offer.” Fortress has made a £9.5bn offer for the freehold-rich grocer, which has been recommended by the WM Morrison board. Apollo added that this would rule it out of making a rival offer, or any other offer than “as part of the Fortress offer”. It added that it “notes Fortress’s intentions regarding the Morrisons business”, meaning its commitment to not strip the grocer of its freeholds, and “would be fully supportive of Fortress’s stated intentions regarding Morrisons”. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @EGPropertyNews