Morrison hot tip to win Safeway

THE City's late betting money was going on Wm Morrison today as the market awaited Trade and Industry Secretary Patricia Hewitt's verdict on the Safeway bidding battle.

Spread betters Cantor cut the odds on the Bradford-based supermarkets chain from 7-4 to 6-4 on speculation that it will be the only chain allowed to bid for the group. Punters could have got 8-1 earlier this year.

Cantor spokesman David Buik said: 'As far as the City is concerned it's a done deal.'

Hewitt's decision, which follows a review by the Competition Commission, is due today.

Morrison started the bidding battle in January when it launched an all-share offer, worth £3bn based on yesterday's closing prices.

Since then Tesco, Sainsbury, Asda and Philip Green have expressed interest. Morrison may have to sell 50 Safeway stores to win clearance.

The odds: Morrison 6-4, Green 3-1, Asda 7-2, Tesco 10-1, Marks & Spencer 14-1, Sainsbury 25-1.