The investment group Global management of Apollo plans to take over the department store chain Mark & ââSpencer. According to Apollo, the struggling British channel would be a bargain that is currently undervalued.
An Ocado fan
Apollo, an investment group, may be considering a takeover of UK retailer Marks & Spencer. According to Apollo, the chain has been in trouble for years, mainly due to declining non-food sales, but is being punished too severely on the stock market. More precisely, the joint venture with which M&S manages Ocado is undervalued, according to Bloomberg.
Ocado is an online shopping specialist, ensuring fast and efficient delivery of food ordered online using fully automated warehouses. Ocado also supplies its technology to other brands, including the American supermarket chain. Kroger.
Apollo has been an Ocado fan for some time: The investor bought half of all the shares for Â£ 750million in 2019. Now parent company Marks & Spencer also appears to be on the radar. Apollo describes the business as a good deal. Just because of rumors in the UK Sunday newspaper, M&S ‘market valuation has skyrocketed, which could make the chain less attractive.
Either way, Apollo is looking for a takeover. Previously, the investor tried to buy the UK supermarket chain Asda, but rival investment firm TDR ultimately chose him, together with the Issa family. Talks about the resumption of Morrisons supermarket chain also came to naught. Apollo reportedly even considered an offer on Sainsbury’s recently.