Iceland Firm Bids on Somerfield

New York City, The Baugur Group offered $1.85 billion to acquire Somerfield Plc, which operates 500 Kwik Save and 700 Somerfield supermarkets in the United Kingdom. If the deal goes through, it will create the fifth-largest food retailer in the United Kingdom. The Baugur Group, based in Reykjavik, Iceland, is the largest retailer in Iceland.