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April 7, 2008

UK: Somerfield and Co-op negotiations continue

UK retailers Somerfield and the Co-op are reportedly continuing takeover negotiations despite disagreements over price.

UK retailers Somerfield and the Co-op are reportedly continuing takeover negotiations despite disagreements over price.

It is understood that the talks hit a deadlock last week when Somerfield’s owners, a consortium made up of Robert Tchenguiz, Apax Partners and Barclays Capital, were unable to agree a price for the UK retail group with the Co-Op.

However, while reports have indicated that the two group’s are yet to agree a price, it is believed that talks are continuing.

Somerfield put itself up for sale at the start of the year. Several suitors had initially expressed interest in parts of the organisation but the Co-Op was the only bidder to submit a proposal for the whole business.

When contacted by just-food the Co-Op declined to comment.

While Somerfield reaffirmed that the sale process is underway, the group declined to comment on the specifics of any negotiations.

A deal is still thought to be some weeks away.

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