Icelandic raider withdraws
Baugur Group has announced the sale of its 5 per cent stake in Somerfield. The value of the Icelandic retailer's stake is£57.1 million and it is understood to make about£30 million from the deal.

Following allegations that its chief executive, Jón Ásgeir Jóhannesson, was being investigated for fraud, Baugur announced its intention to pull out of talks about a potential bid with UK grocer Somerfield last weekend.

It is understood that Baugur's stake in Somerfield has been sold to former consortium partner Robert Tchenguiz, who along with Apax Partners and Barclays Capital is thought to still be in the running to bid for the supermarket.