Asda and Morrisons consider Iceland bid

Supermarket Asda is preparing to do battle with rival Morrisons in the £1.5bn (€1.68bn) auction of frozen food retailer Iceland, it was reported today.

Britain’s second-largest chain is said to have appointed City advisers Lazard to help it assemble a bid for the business, which has 750 UK stores and is being sold by the creditors to failed Icelandic bank Landsbanki.