Canary Wharf Group shareholders today approved an alliance between Canary Investments, a firm controlled by Canary Wharf's former chairman, Paul Reichmann, and Brascan Corp. in a bid for the U.K. property company. Shareholders also approved the appointment of Mr. Reichmann as member of Canary Wharf's management committee. Brascan's CWG Acquisition and a consortium led by Morgan Stanley Real Estate Funds, Morgan Stanley Real Estate Special Situations Fund II and Princes Gate Investors real estate have competing bids for Canary Wharf. On Friday, Morgan Stanley raised its offer to a total value of £1.7 billion ($3.1 billion). CWG Acquisition's current bid is £1.6 billion. An independent committee of Canary Wharf is backing the Morgan Stanley bid.