The Resolution Committee of Landsbanki, the failed Icelandic lender, is seeking to appoint investment banking advisers to sell its 67% stake in Iceland Foods, Financial Times reports. Wm Morrison is likely to partner with J Sainsbury to bid for the frozen food retailer.
Other potential buyers for the business, which is expected to be valued at between £1.7 billion and £2 billion, include the Co-operative Group and Tesco. Malcolm Walker and the management of Iceland Foods own 26%, while 7% is held by Glitnir, another failed Icelandic bank.
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