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Ocado shares soar on rumours of Amazon takeover

Shares in Ocado Group, the British online supermarket and technology group, soared by more than 40 per cent in morning trade, amid speculation of possible bid interest… View Article

FOOD AND DRINK NEWS UK

Ocado shares soar on rumours of Amazon takeover

Shares in Ocado Group, the British online supermarket and technology group, soared by more than 40 per cent in morning trade, amid speculation of possible bid interest in the group from US big tech suitors.

Heavyweights like Amazon are reportedly mulling a possible £8-a-share move, according to The Times.

Based on Ocado’s closing share price on Wednesday of 430p, such a price would represent a near 85 per cent premium.

According to regulatory data, Ocado is currently the UK’s most shorted  – or most betted against – stock, surpassing Kingfisher, Moonpig and Hammerson.

At present, short interest represents 6.1 per cent of its value, with investment giant BlackRock holding the largest short position.

In February, Ocado plunged to a £501million annual loss as it took a hefty accounting charge and profits at its joint venture with Marks  &Spencer were wiped out.

M&S teamed up with Ocado in 2019, with the latter delivering the grocers’ products to customers.

 

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