UK: Somerfield withdraws appeal against competition findings
UK grocery retailer Somerfield has said it has decided to withdraw its appeal against the findings of the Competition Commission that there has been a substantial lessening of competition at 12 of the 115 stores the company acquired from rival Wm Morrison.
The company said it was acting in consultation with the board of Violet
Acquisitions, the bid vehicle consisting of Apax Partners, Barclays Capital and the Tchenguiz Family Trust that recently agreed terms of a takeover bid for Somerfield that values the UK grocery retailer at £1.08bn (US$1.90bn).
Somerfield said the "substantial lessening of competition" element of the appeal has been withdrawn for commercial reasons connected with the prospective acquisition of Somerfield.
"The appeal against the direction to divest specific stores rather than any store within the relevant catchment and against the restriction imposed on the category of retailers to which the stores may be divested continues," Somerfield said.
Somerfield bought the stores from Morrisons last October in a deal worth around £260m.
UK supermarket group Somerfield has said group like-for-like sales slid 0.4% in the 53 weeks to 30 April 2005....
United Co-operatives Limited has announced that it has made an approach to the board of supermarket chain Somerfield with a view to exploring the possibility of making an offer for Somerfield....
Supermarket Tesco further increased its lead in the UK grocery market in the twelve weeks to 24 April 2005, according to market analysts TNS. Sainsbury managed a small rise, while Wal-Mart's Asda and ...
Dairy company Robert Wiseman Dairies PLC announced today (Thursday) that its supply contract with Wm Morrison Supermarkets is not to be renewed....
Dairy Company Dairy Crest announced today (Thursday) that it is getting a bigger share of WM Morrison's dairy business. It has also acquired dairy company Starcross Foods....
Wal-Mart's UK supermarket chain Asda, is considering a bid for supermarket Somerfield, according to the Sunday Telegraph newspaper....
Icelandic investment group Baugur has joined a group including property entrepreneur Robert Tchenguiz that is seeking to buy the Somerfield supermarket chain, according to the Financial Times....
Pyaterochka, Russia's biggest grocery retailer, is to seek a listing on the London Stock Exchange by the end of this year, according to the Times newspaper....
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