Speculation is rife in the City around the Co-op's takeover talks with the owners of Somerfield.
According to some sources, the consortium that owns Somerfield is "more optimistic than ever before" about the chances of the two striking a deal for the Co-op to buy the Bristol-based chain.
The Co-op is the only supermarket group to make a firm bid for Somerfield, which was put up for auction last July by its owners.
It is believed that the owners are unwilling to part with Somerfield for less than £1.9 billion. The Co-op's initial offer for its high street rival was £1.7bn. And reports this morning suggest that Somerfield may have accepted a middle-ground offer of £1.6bn.
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