In the UK, The Co-operative retail group (Co-op) is set to complete a £1.6bn (€2bn) takeover of Somerfield, according to press reports.

The Mail on Sunday revealed that sales terms had been agreed on Friday (11 June), despite Somerfield's owners' initial valuation of £2.5bn (€3.2bn).

The group currently owns approximately 900 stores, with up to 150 of those to be sold by the Co-op to rival retailers. The consortium that owns Somerfield could earn up to £300m (€374.5m) through the disposal programme, the newspaper reported.

The deal still requires approval from the Office of Fair Trading before it can be completed.

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