International News - Cencosud reduces Ahold bid to US$100m

Chilean retailer Cencosud has dropped its offer price for Ahold's local supermarket chain, Santa Isabel, to US$100 million (£62.4 million).

The sum is two- thirds of the initial offer price of US$150 million (£93.6 million), agreed in February.

According to local press reports, no reason has been given for the reduced offer, which came on the back of a EUR900 million (£637.9 million) accounting deficit at Ahold earlier this year.

According to Ahold, the price has not been finalised.

A spokeswoman said: 'In the end, we will (agree on a price) that we feel confident with.'

The sale was originally expected to be concluded in April.