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U.K.’s Iceland Foods Auction Set to Start

by Rob Sheridan - 19/09/2011

U.K.’s Iceland Foods Auction Set to Start

"The auction of frozen food retailer Iceland Foods Ltd. will start next week with about 20 buyers set to receive sales information, the Financial Times said, citing people familiar with the matter that it didn’t name."

The Resolution Committee of Landsbanki appointed Bank of America Merrill Lynch and UBS AG to sell its 67 percent stake, said the FT.

Glitnir Bank is also selling its holding, taking the total for sale to 77 percent, Landsbanki said in a statement Sept. 1. A price of more than 1 billion pounds ($1.6 billion) may be difficult for buyers to pay because of “strains” in the debt market, the FT said.

The big four U.K. supermarket chains, Tesco Plc, Asda Stores Ltd., J Sainsbury Plc and WM Morrisson Supermarkets Plc are likely to be among potential buyers receiving sales information, according to the newspaper.

To contact the reporter on this story: Rob Sheridan in London at rsheridan6@bloomberg.net.

More Details: http://www.bloomberg.com/news/2011-09-17/u-k-s-iceland-foods-auction-set-to-start-next-week-ft-reports.html