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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/iceland-in-talks-with-consortium.jpg"><img class="alignnone size-full" title="The owners of frozen food retailer Iceland are in talks with Middle East investors over a potential sale of the chain" src="http://londonglossy.com/wp-content/uploads/2010/12/min-iceland-in-talks-with-consortium.jpg" alt="The owners of frozen food retailer Iceland are in talks with Middle East investors over a potential sale of the chain"/></a></p>
<p>The owners of frozen food retailer Iceland are in talks with Middle East investors over a potential sale of the chain for up to £1.5 billion, it has been reported.</p>
<p>A consortium headed by the Global Banking Corporation of Bahrain is holding early-stage discussions on a takeover of Iceland, according to the Mail On Sunday.</p>
<p>It is thought the move could fuel interest from Iceland founder and chief executive Malcolm Walker, who already owns 24% of the company, alongside other members of management.</p>
<p>Iceland is majority-owned by collapsed Icelandic banks Landsbanki and Glitnir, together holding a 76% stake, although their assets have been owned by the Icelandic government since the banks called in administrators.</p>
<p>Mr Walker is said to have made a £1 billion bid to buy back Iceland earlier this year, which was rejected.</p>
<p>But he may be spurred on to table a new offer in light of the current reported talks.</p>
<p>Mr Walker founded Iceland in 1970, building it into a national supermarket chain.</p>
<p>He was ousted as chairman in 2001, after the company released a profits warning just days after he sold £13.5 million-worth of shares. He was later cleared of any wrongdoing by the Serious Fraud Office.</p>
<p>Mr Walker was reinstated to the board in 2005 when a private consortium headed by Icelandic retail group Baugur acquired Iceland&#8217;s then parent company The Big Food Group for £326 million.</p>
<p>Baugur hit the wall last February during the Icelandic financial crisis and the controlling stake passed to the administrators of Landsbanki and Glitnir. However, Iceland&#8217;s ownership saga has not damaged its performance, with the group announcing a 19% jump in profits for the year to March 26.</p>
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