Three-way fight for Safeway

Wal-Mart Stores is poised to announce a bid for British supermarket chain Safeway, creating a three-way fight for Britain's fourth-largest supermarket chain, the New York Times said yesterday, citing sources.

Wal-Mart, the world's largest retailer, was set to bid at least £3.2 billion ($9.62 billion) in cash and might not disclose the price when it announces the bid, the paper suggested.

Safeway already is the target of takeover offers from rival British food retailers J Sainsbury and William Morrison Supermarkets.