Reginal Thomas
0
All posts from Reginal Thomas
Reginal Thomas in reginal thomas,

WPP submits bid for majority stake in Dunnhumby

WPP, a British advertising group, made a bid for a majority stake in Dunnhumby, a customer data business put up for sale by Tesco. Dunnhumy has been on the sale block as part of a drive by Tesco’s Dave Lewis to slash costs and sell assets the fix the firm’s finances. Tesco is looking to sell a majority stake instead of an outright exit.

WPP has increased its presence in market research and analytics in the last few years.

Tesco’s shares have risen 4% off news of the bid. Lewis has been spearheading the supermarket’s comeback from years of market share loss, an accounting scandal and debt rating downgrades. Goldman Sachs has been appointed to explore strategic options for Dunnhumby, which analysts value at up to $3 billion. Kroger, a U.S. food retailer is also a possible suitor for Dunnhumby.