Somerfield's auction is proceeding despite talk that the UK-based supermarket chain's owners have abandoned the sale. It is understood that despite the speculation, the auction is not over. Further offers are expected.
The Co-operative group was believed to be the only party to have submitted an offer for Somerfield ahead of a first-round bid deadline earlier in March. Other potential bidders are interested in some of Somerfield's assets, but are unlikely to table full bids for the company. Asda is one such interested party.
Somerfield has been valued at £2bn. Tchenguiz acquired Somerfield jointly with a consortium headed by Apax Partners, the buyout group, for £1.1bn in 2005.
At the time Somerfield was put on the market last year, Marks & Spencer, Wm Morrison and J Sainsbury were all thought to have expressed an interest.
