Icelandic investment group Baugur has confirmed its withdrawal from a consortium planning to bid for UK supermarket chain Somerfield.
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The decision has been made in the interests of the consortium, its members and Somerfield shareholders following charges brought by the Icelandic authorities against Baugur’s chief executive and certain other individuals. Baugur stands fully by the individuals, who intend to defend these charges vigorously, it said in a statement.
“In light of these accusations we believe that the only correct action to take is to withdraw from such a public transaction, despite the fact that the individuals strongly deny any wrongdoing,” said Baugur group chairman Hreinn Loftsson. “It is important to highlight that Baugur has been a victim of this case, has not been the subject of the investigation and no charges have been brought against the company. otwithstanding these developments, Baugur will continue with business as usual.”
As a result of these developments, Baugur does not intend to make or participate in an offer for Somerfield, it said.
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