Iceland Foods auction to start this week
The Resolution Committee acting for failed Icelandic bank Landsbanki has appointed Bank of America Merrill Lynch and UBS AG to sell its 67% stake in the frozen food chain.
However a report in the Sunday Times at the weekend suggested that the sales process could be slowed down. This is due to the banking advisers having difficulties arranging ready-made financing packages for potential bidders as a result of the ongoing turmoil in the financial markets.
Iceland's management team and chief executive Malcom Walker, who together currently own the remaining 23% of the chain, are also thought to be interested in placing a bid for Landsbanki's share of the chain.
Last year Iceland was valued at £1 billion with valuations now varying between £750 million and £2 billion.
Email this article to a friend
You need to be logged in to use this feature.
Please log in here