Asda and Morrison's may join forces in a bid for Safeway, if multi-millionaire Bhs boss Philip Green launches a counter bid next month, according to city bankers.
Green is expected to act following an imminent ruling by trade secretary Patricia Hewitt on the competition implications of a takeover of Safeway.
Bankers claim Morrison's would be at a disadvantage if Green made an all-cash bid, because most of its offer would be shares. However, it is claimed Asda may be ready to help Morrison's, which may be able to see Green off in a joint £2.7 billion bid.
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