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Network Journal 2008 Issue 2 March/April |
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Company news in brief
The news in brief.
Somerfield price
The Co-op Group has emerged as the most likely bidder for convenience store chain Somerfield after Asda withdrew its interest.
The company owned by private equity group Barclays capital, Apex Partners and Robert Tchenguiz were hoping to sell the entire business but speculation suggests it may have to be broken up. The asking price is thought to be between £2bn and £2.5bn.
Takeover talk
Sainsbury's continues to attract takeover speculation following substantial trading in its shares during February. The Qatar Investment Authority which holds 25 per cent of the company's shares, and withdrew from a takeover last year, is unable to make a further bid until May.
Morrisons move
Sir Ken Morrison, who has been at the helm of the business founded by his father for 56 years, stepped down as chairman in March just as the company announced bumper profits for the last year.
Retail therapy
A Sainsbury's store in Greater Manchester is now offering out-of-hours doctor appointments.
NHS patients in the area can book appointments on selected evenings and Saturdays.
If successful, the six-month trial could see the service rolled out to other stores.
Sainsbury's cash
More than 8,000 Sainsbury's staff will share a £21m pot as part of the company's share-save scheme.
Average payouts will be around £2,625 but staff who managed to save the maximum £250 a month for five years get more than £18,000.
Grocery giants
Supermarkets are taking a bigger share of the clothes, electricals and furniture markets with 28m people regularly buying non-food goods when food shopping.
Cash windfall
Thousands of staff at Tesco will share a £175m payout from the company's save-as-you-earn scheme.
It allows staff to buy shares at a discount to the market price, 51,000 have bought in.
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