Funds prefer Morrison bid to Wal-Mart
Fund managers who hold shares in both Safeway and Tesco said that they were prepared to protect the position of the UK's biggest grocer by thwarting any attempt by Wal-Mart, which owns Asda in the UK, to expand through acquisition.
Investors with sizeable shareholdings in both Safeway and Tesco include Fidelity Investment Managers, Scottish Widows Investment Partners and Legal & General Investment Management.
