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Asda to consider bidding for Iceland

Asda is considering making a bid for the Iceland frozen food chain and has appointed Lazards as its adviser, according to a report in the Sunday Times.

GENERAL MERCHANDISE

Asda to consider bidding for Iceland

Asda is considering making a bid for the Iceland frozen food chain and has appointed Lazards as its adviser, according to a report in the Sunday Times.

The report said that Asda’s owner Walmart is keen to expand internationally to combat the effects of sluggish sales in the US. Walmart has 8,500 stores throughout the world and also owns the Netto chain of stores which it bought last year for £778 million. Iceland, which is being sold by creditors of the failed Icelandic bank Landsbanki, has 750 stores and is expected to be valued between £1.7 billion and £2 billion.

Reports have also been circulating that Morrisons is preparing a bid to buy the stores for an estimated £1.5 million. Malcom Walker, founder and chief executive of Iceland, is also rumoured to be interested with reports circulating that he has already had a £1 billion bid turned down.

Both Asda and Morrison would significantly increase their convenience store presence in the south east if either retailer were to acquire the Iceland chain. 

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