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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -0.14% | 36.90 | 37.49 | 36.65 | 37.38 | 34,864,504 | 00:11:27 |
Wm Morrison Supermarkets PLC (MRW.LN) said Friday it has appointed Credit Suisse Group (CS) as investment banking adviser, ahead of an auction for frozen food chain Iceland.
Iceland is being sold by the Resolution Committee of failed Icelandic bank Landsbanki and Morrison indicated its interest in the chain in May, a person familiar with the matter said at the time.
There are several other bidders circling though, including Iceland's Chief Executive Malcolm Walker who owns 23% of the group and last year tabled a bid to buy Landsbanki's 67% share in the company, which valued the retailer at around GBP1 billion, according to a different person familiar with the matter.
The appointment of Credit Suisse is in addition to Morrison's existing stockbroking advisors Bank of America Merrill Lynch and RBS Hoare Govett, as well as investment banking advisor Rothschild.
However, both Bank of America Merrill Lynch and Rothschild would not be able to advise Morrison on an Iceland bid because the former is advising the Landsbanki Resolution Committee and the latter is advising Malcolm Walker.
Landsbanki's stake in Iceland is expected to attract a large amount of interest from trade buyers like Morrison and other U.K. grocers, as well as private equity groups and management.
Morrison rival J Sainsbury PLC (SBRY.LN) has said it would be interested in a handful of stores.
The remaining 10% of Iceland is owned by Glitnir, a smaller failed Icelandic bank which, like Landsbanki, is also being wound up.
By Kathy Gordon, Dow Jones Newswires; 44-207-842-9293; kathy.gordon@dowjones.com
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