Six groups have expressed interest in Safeway over the past two weeks, but Morrisons is the only one with a firm offer on the table.

Morrisons executive chairman Ken Morrison is insistent that by combining forces with Safeway his group could create a 'true strong fourth national food retailer'.

But with five other groups expressing interest, Webster is urging shareholder to bide their time. Sainsbury's, Wal-Mart/Asda, Tesco, Philip Green and KKR have all said they are considering a bid.

And a seventh interest is rumoured with some analysts pointing to Marks & Spencer. Although the food and clothing chain may just pick up those stores which need to be disposed of by another larger buyer in order to fall into line with competition regulator requirements.

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