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UK convenience retailer Nisa's CEO leaves during takeover talks
September 30, 2017 / 1:08 PM / 19 days ago

UK convenience retailer Nisa's CEO leaves during takeover talks

LONDON (Reuters) - Britain’s Nisa Retail said on Saturday its chief executive had left the convenience retailer, which is in talks with the Co-operative Group (42TE.L) to be taken over.

Nisa, which is owned by its independent retail members, said Nick Read had left with immediate effect but did not give a reason. Read had held the role since December 2014.

A source close to the negotiations with the Co-op said Read’s sudden departure “was not expected to impact the deal and exclusive talks are ongoing.”

Last month Britain’s second largest supermarket group Sainsbury’s (SBRY.L) suspended bid talks with Nisa, saying it needed a clearer idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector. That opened the door for the Co-op.

The Competition and Markets Authority (CMA) is probing Tesco’s (TSCO.L) proposed 3.7 billion pound ($4.96 billion) takeover of Booker (BOK.L), a wholesaler which supplies the convenience sector.

($1 = 0.7465 pounds)

Reporting by James Davey; editing by Alexander Smith

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