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Bids from WM Morrison, Sainsbury, Wal-Mart/Asda and Tesco for supermarket chain Safeway were referred to the UK competition commission this week. Phillip Green, who bankers say may have financial backing from HBOS and Merrill Lynch, has escaped referral. Bankers were surprised that WM Morrison, which is Safeway's weakest competitor, has been referred. Morrison has secured £2bn in cash from ABN Amro. WestLB and HBOS have provided Tesco with £2.9bn. UBS and Goldman Sachs are supporting Sainsbury.

ABN Amro Bank, Citibank/SSB, Development Bank of Singapore and OCBC have completed the $250m 3-1/2 year term loan for Tech Semiconductor. Co-arranger is Norinchukin Bank (Singapore) lending $15m and, as senior lead managers, Industrial and Commercial Bank of China (Singapore) and RZB (Singapore) committing $10m apiece.

Reports released yesterday (Thursday) suggested that private equity sponsor BC Partners is preparing an offer for Six Continents. BC Partners has joined a queue of private equity sponsors and trade buyers looking at the hotels and pubs businesses being demerged from Six Continents.

Investors will follow closely the expected launch of Russian holding company Sistema's debut Eurobond next week as they look for an indication of how US-led attacks on Iraq have affected appetite for new issuance. With no new deals from emerging Europe, the Middle East and Africa credits this week, attention has been focused on the roadshow for Sistema's 144A transaction, via lead managers Deutsche Bank and ING, which has been taking place simultaneously in Europe, the US and Asia. It finishes today (Friday) with pricing predicted for next week, market conditions allowing.

Mandated arrangers ING and Standard Bank have closed syndication of a $109m financing for Mobile Systems International Cellular International (MSI). The facility is divided into an $87m three year term loan 'A' and a $22m six year amortising term loan 'B'. The Development Bank of South Africa and Emerging Africa Infrastructure Fund are arrangers. Coutts and the Finnish Fund for Industrial Cooperation are managers.

Goldman Sachs, La Caixa and SG will launch the Eu6.3bn acquisition loan for Gas Natural into syndication imminently. The banks were yesterday (Thursday) finalising strategy before going out to market. Gas Natural surprised the market last week when it announced its Eu15.3bn proposed take-over of power company Iberdrola.

Rating: Aa3 Amount: Sfr200m

Rating: Aa2/A+/AA- Amount: $150m

Mandated arrangers ABN Amro, Deutsche Bank and Nordea have launched syndication of the $1bn five year facility for Scania. A well attended bank presentation was held in Stockholm this week. For more details see EuroWeek 794.

The mandate to arrange the Eu50m five year amortising facility for Banka Celje will be awarded by today (Friday). Banks close to the award are Bank Austria Creditanstalt, Bawag, LB Kiel and RZB.

Amount: Eu1bn Rating: Moody's/Fitch