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Last Updated: Wednesday, 21 December 2005, 12:44 GMT
New owner for Somerfield stores
Somerfield store
Somerfield's board agreed to a 1.1bn takeover in October
The 1.1bn ($1.9bn) takeover of supermarket group Somerfield by a private equity consortium has been formally completed.

The group's shares have been taken off the London Stock Exchange and ownership transferred, ending a takeover saga that began back in February.

The consortium is led by property tycoon Robert Tchenguiz and includes Apax Partners and Barclays Capital.

It has promised to invest heavily in the UK's fifth-largest grocer.

Since April 2003, a number of potential suitors have approached the Bristol-based supermarket, which has around 1,300 stores and also trades under the KwikSave brand. They include two failed approaches, two years ago, from retail entrepreneurs John Lovering and Bob Mackenzie.

In February this year, Icelandic venture capital group Baugur made an approach, while United Co-operative and London & Regional Properties also expressed an interest, but all subsequently dropped out of the running.




SEE ALSO:
Suspension for Somerfield shares
19 Dec 05 |  Business
Plan to improve Somerfield stores
16 Oct 05 |  Business
Somerfield backs 1.1bn takeover
14 Oct 05 |  Business
Somerfield suitor remains in hunt
11 Oct 05 |  Business
Somerfield bidders given deadline
16 Sep 05 |  Business
'Walk the talk' urges Somerfield
09 Sep 05 |  Business
Suitor quits Somerfield bid race
28 Jun 05 |  Business


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