Supermarket chain Somerfield has received a £1bn takeover offer from Baugur, the Icelandic venture capitalist.
Baugur already owns 5% of the group, and has recently been increasing its presence on the UK high street. In December last year the group agreed to buy the Big Food Group, which owned food chain Iceland, for £326m.
Should the takeover go ahead, Somerfield’s management team would be kept in place.
Somerfield, which also runs KwikSave, admitted it was investigating the approach but said there was no certainty that an offer would be forthcoming.
References: EGi News 09/02/05
