Fashion tycoon Philip Green on Monday formally joined the battle for leading supermarket group Safeway.

The billionaire owner of Bhs and Arcadia submitted his bid proposal for the grocery chain to the Office of Fair Trading which will now study the offer and decide whether to send it to the Competition Commission for greater scrutiny.

However, Green faces tough competition for the food retailer as it has also attracted strong interest from the likes of US retail giant Wal-Mart.