£7bn takeover agreed

MORRISONS agreed a £7 billion offer on Thursday evening in the latest twist in the UK supermarket chain’s dramatic takeover battle.

Shares jumped on Friday morning after investors digested the new deal from US private equity firm Clayton, Dubilier & Rice (CD&R).

It comes weeks after a rival bidder, a consortium led by private equity rival Fortress, increased its offer to £6.7 billion in the hope this would help it secure a deal.