Tesco is poised to overtake all its smaller rivals in the UK to become the largest operator of convenience stores this year, research showed today.

Tesco’s dominance of the food retail sector in the UK strengthened last month when it won further share from rivals, new figures showed today.

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.

Fashion chains Principles and Warehouse are on the brink of a sale that will land their owners a £130m (€187.8m) pay-day, it was reported today.

A key player in recent takeover activity on Irish and British high streets has lined up a £1bn (€1.4bn) war chest for a major deal of its own, it was reported today.

The London market ended Monday comfortably above the 4700 level after a strong session for tobacco stocks.

The takeover spotlight fell on the lower tiers of the London market today as expectations of a slow week for corporate news were quickly eradicated.

British supermarket chain Iceland was poised to be separated from its parent company Big Food today after the group received a £326m (€474.5m) offer from Icelandic retailer Baugur.

An investigation lasting almost four years into share dealings at frozen food chain Iceland has cleared its former chairman, it emerged today.

Mining stocks led the London market into the red today as plunging copper prices weighed on investors.

Merger target Christian Salvesen today announced new contract wins as the logistics company looks to recover from a 15% dive in annual profits.

The FTSE 100 Index hit its highest level in more than two years today before closing just points lower.

The FTSE 100 Index was today on course for its highest finish in more than two years after strong gains by mining stocks.

British supermarket group Morrisons is considering the sale of its smaller Safeway stores following strong interest from potential buyers, it emerged today.

Londis shopkeepers were today due to give their verdict on a £60m (€90m) takeover bid for the convenience store business from Irish retail giant Musgrave.

CORK-BASED Musgrave Group would make no comment yesterday on the prospect of another rival bid emerging for the British Londis group.

A RIVAL bid to Musgrave's £60 million (€90m) offer for Britain's Londis chain of 2,000 convenience shops may be launched as early as today.

Positive jobs figures from across the Atlantic helped the London market end the week on a high note today.

Speculation that British home furnishings retailer MFI could be taken over and broken up swirled around the City today as shares leapt 4%.

British food retailer the Big Food Group (BFG) said yesterday it was still interested in British grocery supplier Londis, but would study Musgrave’s offer before making a decision on whether to bid.

MUSGRAVE’S bid for the British Londis chain of convenience stores may be derailed for a second time.

LONDIS shareholders in Britain are considering support for a possible hostile bid by the Big Food Group for a minority stake in the mutually-owned wholesale distributor.

British jewellery chain Goldsmiths was today reported to be in the sights of the Icelandic retail group Baugur.

MUSGRAVE'S plans to take over British retail chain Londis received a setback over the weekend when the owner of the Iceland food chain signalled it may be preparing a counter-bid to challenge the Cork-based group's €90 million offer.

Musgrave is set to take over the Londis convenience store business in a £60m (€90m) deal revealed today.

Musgrave and the Co-op were today reported to be the leading contenders in the auction of convenience store business Londis.

Supermarket giant Tesco faced an 11th-hour hitch in its acquisition of Adminstore today with the news that the Federation of Wholesale Distributors was trying to block the deal.

LONDIS has cleared the way for a takeover of the business by reaching a deal with its four executive directors.

Big Food group (BFG) was summoned to a meeting with KPMG Corporate Finance yesterday to discuss its plans for the Londis chain of independent grocers.

Bill Grimsey, the chief executive of Big Food Group, is putting more pressure on Londis shareholders in an attempt to win support for its £40.3m (€57m) indicative offer for the business.

CASH & carry group Musgrave said it is still interested in acquiring the Londis operation in Britain.

British retail operation Londis has ordered an independent strategic review as it seeks to end uncertainty over its future, it was reported today.

The Big Food Group has urged shareholders of Londis Holdings to reject the recommended offer made by Cork based Musgrave.

The recommended £40m (€57.04m) offer by Cork-based Musgrave for Londis, the convenience store chain, has run into further difficulty.

MUSGRAVE are facing a massive fight with the Big Food Group in the battle to take over Londis in Britain.

London’s leading shares remained stuck just within negative territory today as early fears of a lacklustre day proved well founded.

London’s famous Hamleys toy store was today the subject of a management buyout deal worth £47.4m (€67.9m).

Engine maker Rolls-Royce and insurer Royal & Sun Alliance were tonight granted a swift return to London’s prestigious FTSE 100 Index.

Competition among supermarket groups is set to hot up, after Tesco announced plans to slash £80m (€123m) from prices of everyday items.

Trading on the London market eased today as investors registered their disappointment with the Bank of England’s decision to leave interest rates on hold.

Investors will be able to digest a raft of economic and corporate updates this week, from interest rate decisions in the both the UK and US to results from Marks & Spencer and British Airways.

The beleaguered London market had another tough session today as investors reacted to a slide on Wall Street last night.