Co-op Seek Somerfield Acquisition

Fri, 18 Apr 2008

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The Co-operative Group (Co-op) has announced it is in talks to buy rival supermarket chain Somerfield as part of its plans to expand the business .

The UK's fifth largest grocer said discussions to take over the company are at an early stage and insisted there would still be a "strong fit" between the two companies .

The news of a possible acquisition comes as the Co-op unveiled plans to invest £1.5bn in expanding its business and turning around its fortunes, following a 46 per cent fall in profits for 2007 to £195.5 million.

The supermarket blamed last years’ decline in profits on factors including post-merger integration costs and said its aim is to double profits over the next three years.

Co-op chief executive Peter Marks said: "The Co-operative Group now has the critical mass necessary to deliver real change."

The Manchester -based Co-op is a mutual business, run on behalf of its 2.5 million members. The retailer operates more than 4,300 outlets across the UK, employing 85,000 people.

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