United Coops Scraps Pounds 1bn Somerfield Bid

Evening Standard - London › June 28, 2005

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Summary

UNITED Co-operatives has abandoned plans to launch a Pounds 1 billion-plus bid for Somerfield, Britain's fifth-largest foods retailer. But talks with the two remaining potential buyers are continuing, Somerfield chairman John von Spreckelsen said today.

Somerfield has been under takeover assault since February, when the acquisitive Icelandic retailer Baugur first made an approach. The two remaining bidders are a consortium including Baugur and property tycoon Robert Tchenguiz, together with Apax and Barclays Capital. Also still poring over the books are property tycoons Ian and Richard Livingstone.

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United Coops Scraps Pounds 1bn Somerfield Bid

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