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Saturday, July 9, 2005
Baugur Group withdraws from Somerfield bid
The Icelandic investment firm Baugur has decided to withdraw from the Somerfield bid because of legal action against some of it's core employees including its CEO, Jón Ásgeir Jónsson, and chief of board, Haukur Loftsson. Baugur Group will also sell each share it owns in Somerfield.
Baugur Group had previously made EUR1.5 billion bid as had been covered on Wikinews.
Baugur used to own 5.5% of Somerfield's shares, but they will be sold to the Iranian businessman Roberts Tchenguiz for 190 pence per share, in total about 55 million pounds. Baugur will probably earn 30 million pounds by selling them.
Baugur has also reached agreement with it's partner companies that if they will be able too buy Somerfield they will repay Baugur what it has spent on research.
Baugur decided to withdraw from the bid so that the legal actions would not harm it's partner companies.
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This page is archived, and is no longer publicly editable.
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Note that some listed sources or external links may no longer be available online due to age.
The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
