A Morgan Stanley-led group bid £1.7 billion for Canary Wharf Group Plc to counter Canada’s Brascan Corp in the nine-month takeover battle for the builder of London’s second financial district.

The fierce battle for control of London Docklands developer Canary Wharf cost the group £10.7m (€15.8m) in the final six months of 2003, it emerged today.

DIRECTORS at Canary Wharf Group, the builder of London’s second financial district, are moving closer to reaching a decision on whether to sell the company.