Baugur leaves Somerfield bid team

Baugur has withdrawn its interest in the consortuium after talks with Apax, Barclays Capital and the property developer Robert Tchenguiz.

The other members had been concerned that the recent fraud charges against the chief executive of the Icelandic group, Jon Asgeir Johannesson, would damage their chances of tabling a bid for Somerfield.
Speculation still mounts over the possiblilty of the introduction of a new member although this had been described previously by the consortium as ‘not necessary’ for the deal to reach completion.

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