The two private equity firms have been lodged in a tussle over the UK supermarket chain giant since parent company Walmart put a majority stake for Asda on the market last month.

Retail veterans Rob Templeman and Paul Mason were both tapped up by the rival firms, with the former Debenhams chief executive teaming up with Apollo, and Asda’s former boss working for Lone Star. 

However, Lone Star is reported to have pulled out of the race, having failed to meet Walmart’s valuation for Asda, according to The Telegraph.