The Week: City news - Woolworths rejects offer

Malcolm Walker, the owner of Iceland, has had a takeover bid rejected by the struggling high-street retailer Woolworths.

The Baugur Group, the Icelandic investment company that owns 10 per cent of Woolworths, backed the offer, which is thought to have totalled less than £50 million. The retailer said that the offer was too low and would have burdened it with pension liabilities.