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Rival bidders unite for £1bn Somerfield takeover

Baugur, the Icelandic investment group trying to buy UK supermarket chain Somerfield for just over £1bn (€1.5bn), has joined forces with three rival bidders to form a consortium which is now in talks with the retailer's management.

Apax, a UK buyout firm, Robert Tchenguiz, a property tycoon, and Barclays Capital, the debt-focused investment banking arm of the Barclays Group have joined forces with Bauger.

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