Baugur makes a US$1,8 billion bid for Somerfield

From Wikinews, the free news source you can write!
Jump to navigation Jump to search

Wednesday, February 9, 2005

London/Reykjavík – The Icelandic retail and investment company Baugur is making a bid for the British supermarket chain Somerfield of £1 billion, 120 billion ISK, or US$1,8 billion. The supermarket chain has 700 Somerfield supermarkets and 500 Kwik Save discount foodstores across the United Kingdom. Baugur already owns the Iceland supermarket in the UK and Ireland, Bónus and Hagkaup supermarkets in Iceland, and other retailers in Iceland, the Faroe Islands, United Kingdom, Sweden & Denmark.