Good morning. Morrison bid upped, Asia stocks fall, China-Hong Kong vote delay and Raab defiant. Here’s what’s moving markets.
Clayton Dubilier & Rice raised its offer for Wm Morrison Supermarkets to 7 billion pounds ($9.5 billion) in a bid to outmaneuver Fortress in the battle for Britain’s fourth-largest grocer. After weeks of speculation as to whether it would boost its offer, CD&R also pledged to support Morrison’s existing management team and not to carry out material sales and leasebacks of the grocer’s extensive real estate portfolio. The move leaves the prospect of an even more intense bidding war if the Fortress group comes back.