|
ACR handles permanent, contract, interim and temporary full and part-time jobs across a wide cross-section of business sectors including HR...
Goodman Fielder New Zealand is one of the largest branded food manufacturers and suppliers in New Zealand, serving customer needs with a portfolio...
Blue Oak Recruitment is an independent Search and Selection Consultancy who specialise in recruitment into the food industry. We cover Engineering...
Jarvis Johnson are one of the leading providers of permanent recruitment and interim management services to the Food Manufacturing industry...
Ingredients Recruitment Ltd specialises in three key areas for the Food & Drink industry - Commercial, Technical & Operations...
|
Walker Bids £1bn For Iceland
by kamcity.com - 13/10/2010
"Malcolm Walker, founder and Chief Executive of Iceland Foods, has offered £1bn to buy back the business he set up 40 years ago, according to weekend press reports. "
The retail tycoon and other members of the management team already own around 24% of the company, with the remaining 76% in the hands of Landsbanki and Glitnir, the two defunct Icelandic banks that seized the shares from Baugur, the retail investment group that collapsed in the credit crunch.
The banks are thought to have rejected the bid, saying the £1bn offer undervalues the business. However, The Sunday Telegraph newspaper said that it had learnt of another unknown party – described as an "investment fund" - that last week launched a bid for Iceland of up to £1.4bn.
Walker today confirmed he made an offer this year and that although it had been rejected by Landsbanki, which is the biggest shareholder, it remained on the table. He also sought to quash speculation that a rival bidder had emerged. "I have spoken to Landsbanki and it is absolutely untrue to suggest that there is anyone else involved," he said.
Walker is said to have approached the Icelandic banks around four months ago. It is thought that he has bank – rather than private equity – backing for the deal. Walker has long been close to Iceland Foods’ former owner, Jón Ásgeir Jóhannesson, whose Baugur investment vehicle lost control of the supermarket in spring 2009. Johannesson only resigned as the chairman of Iceland Foods earlier this year to fight claims in a New York court that he took $2bn out of Iceland’s Glitnir Bank to prop up his failed retail empire.
A sale of Iceland Foods could be crucial for Landsbanki, because it would go a large way towards paying off the so-called “Icesave” debt. Britain is forcing Iceland to pay £2.3bn to compensate it for bailing out savers with Landsbanki’s internet arm, Icesave. It was not thought that Landsbanki had enough assets to cover the debt – meaning the taxpayer would be responsible. But such a large valuation for Iceland Foods could make a big dent in its liabilities.
The chain currently consists of 730 Iceland-branded stores, as well as 46 Cooltrader shops. The group announced a 19% jump in profits for the year to 26 March after opening 74 new stores, including 51 in former Woolworths' premises. It was the group's fastest rate of expansion since it acquired Bejam in 1989.
More Details: http://www.kamcity.com/namnews/asp/newsarticle.asp?newsid=56350
|
