The Co-operative Group has confirmed that it has lined up buyers for 58 stores as part of its bid to win regulatory approval for its GBP1.6bn (US$2.35bn) acquisition of fellow UK retailer Somerfield.
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A spokesperson for the Co-op said today (5 December) that the buyers include the Musgrave Group, Tesco, Spar, Morrisons and Lidl.
“There is considerable interest in the portfolio of stores that the OFT has required us to sell,” the spokesperson said. “We have made excellent progress in securing the ‘up-front buyers’ and this keeps us on track to complete the deal in the first quarter of next year.”
Morrisons said yesterday that it had agreed to buy 38 Co-operative Food and former Somerfield stores in a deal worth GBP223.1m.
The agreements mark the first stage of store disposals ordered by the OFT in areas of the UK it believes could have suffered a reduction in effective competition as a consequence of the Co-op’s takeover of Somerfield.
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By GlobalData“The next stage is for the OFT to consult. It is a stepping stone, good news and another step on the way to getting approval,” the Co-op spokesperson said.
