£1bn bid for supermarket group Somerfield

British supermarket group Somerfield said today it had received a £1bn (€1.45bn) takeover approach from Baugur, the Iceland-based group that has already pulled off a string of other deals on the UK high street.

The Bristol-based company, which owns the Kwik-Save chain, said it was investigating the proposed offer, which was priced at 190p a share.