Asda moves closer to bid for Iceland with backing from Barclays Capital

Supermarket giant Asda has secured backing from Barclays Capital to help it in its bid to purchase frozen food retailer Iceland.

Earlier this year Asda appointed Lazard to advise it on putting together its offer.

Other interested parties are thought to include Asda’s rival Morrisons and  several private equity firms. Iceland’s founder Malcolm Walker, who along with his management team currently owns 23% of the company, is also thought to be interested in buying the remaining 77% stake in the business.

Iceland is being sold off by creditors of the failed Icelandic bank Landsbanki.

Potential bidders for the retaliler are expected to receive sales information this week.

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