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You are here: Home | News | Co-op finalises Somerfield deal for £1.57bn

Co-op finalises Somerfield deal for £1.57bn

Wednesday July 16th 2008

The Co-operative Group has agreed to buy rival Somerfield.

The Co-op said the £1.57bn purchase would strengthen its posi

tion in the UK retail market making it the UK's fifth biggest food retailer, with sales of about £8 billion and a market share of approximately 8 per cent.

It will also have more than 3,000 outlets.

Co-op chief executive Peter Marks said the the acquisition would provide "rocket fuel" for the group's growth plans.

The Co op has 4,300 UK retail outlets, it employs 85,000 people. Somerfield has about 900 stores.

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