THE Icelandic retailer Baugur last week confirmed that it has decided to withdraw from the Consortium that has been in discussions with Somerfield plc regarding a potential offer for the company.
The decision has been made in the interests of the Consortium, its members and Somerfield shareholders following charges of fraud in Iceland brought by the Icelandic authorities against Baugur’s Chief Executive and certain other individuals.
Baugur say that they stand fully behind the individuals, who intend to defend these charges vigorously.
The result of these developments, is that Baugur does not intend to make or participate in an offer for Somerfield.
The Baugur Group, has rapidly built a significant presence on British highstreets by acquiring among others the food retailer Iceland, cash and carry operatior Booker, the Goldsmiths jewellery chain and toy store Hamley’s.
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- 19 - 20 May, 2010
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