Clayton, Dubilier & Rice has set up a Cayman Islands vehicle to own Morrisons, fuelling fears that it will dodge taxes.
Concerns about the US private equity firm’s vehicle, Market21GP, emerged just before the Takeover Panel is due to set a timetable for an auction for the supermarket group, between CD&R and the Fortress consortium.
The use of the offshore vehicle could weaken CD&R’s argument that it is the best “responsible” owner for Morrisons.
CD&R has said it will carry out a review of Morrisons’ 497 stores, 86% of which are freehold, within months of a takeover.
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