Coo-op agrees to buy Somerfield
16/07/2008
The Co-operative Group, Britain's fifth largest supermarket chain, has finally agreed to buy rival Somerfield for £1.57bn, after the Co-op first expressed interest in April. The deal will reinforce the supermarket's position in the UK's food retail market.Once the sale has completed, the Co-op will have more than 3,000 stores and a market share of 8.3%, bringing it nearer to Wm Morrison, the next supermarket on the ladder.It is thought the Co-op may decide to sell some of the stores it has bought. Morrisons, Waitrose and Iceland are among potentially interested parties.
