WOOLWORTHS: New talks over stores bid

Chief executive of Iceland meets Woolworths? leading shareholder to discuss a takeover bid, according to The Financial Times.
Publish date:

Malcolm Walker, who is fronting a consortium led by Baugur, the Icelandic investment group, offered £50m for the stores last month. The offer was rejected by the retailer.

Ardeshir Naghshineh, the property investor and organic farmer, has built a 10.2 per cent stake in Woolworths and last week said he supported the board's rejection of the offer from Mr Walker.

The intentions of Mr Naghshineh are unclear and it is possible that Baugur and Mr Walker could find an alternative structure that would satisfy the entrepreneur.

Steve Johnson, started as chief executive of Woolworths last week with a brief to explore radical options to re-energise the beleaguered group.

Mr Johnson acknowledged that speculation about a possible deal with Baugur could last "months" but said that he intended to improve the performance of the retail division to silence the talk.

For the full story, click here.

Source: The Financial Times


Featured Jobs

Copyrights Group

Marketing Manager

The Copyrights Group is one of the licensing arms within The Vivendi Group. Acquired by Vivendi in 2016 Copyrights manages the licensing for a portfolio of properties to include Paddington Bear. Some of the other companies within the Vivendi Group include Universal Music Group, and their licensing arm Bravado, Gameloft and Studiocanal to name a few.