Co-op takeover on course

The Co-operative Group is on track to sell the 133 stores the Office of Fair Trading (OFT) requires it to following its acquisition of Somerfield, with 90 already sold.

The acquisition is on course to be completed by the beginning of March.

Buyers have been found for 90 stores, including 24 sold to upfront buyers including Lidl, Spar and Morrisons, as part of the OFT agreement.

Some 13 stores have been sold to Waitrose, seven to Tesco, six to Spar and six to Musgrave. Morrisons will take on a further 34.

The takeover of Somerfield is not being referred to the Competition Commission, the OFT has said.

A Co-op spokesman said: “There is considerable interest in the stores that the OFT has required us to sell.”

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