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Online retailer Amazon.com Inc on Thursday declined to comment on whether a takeover of online grocer and warehouse technology firm Ocado Group PLC was on the cards, Reuters reported on Thursday. The Reuters report follows the Times newspaper reporting that speculation of a possible bid from across the Atlantic lifted Ocado’s stock. Shares in Ocado surged 35% to 581.37 pence each in London on Thursday morning. The stock is still down 5.7% in the year-to-date, however. The Times cited ‘talk’ that US tech companies such as Amazon were considering an offer for Ocado, given its low price. Reuters said Amazon declined to respond to the article from the Times. Shares in Amazon were down 0.4% to $124.39 each in pre-market trade in New York on Thursday. Goldman Sachs Group Inc and JPMorgan Chase & Co are said to be acting for bidders. https://www.reuters.com/markets/deals/amazon-declines-comment-report-bid-interest-uks-ocado-2023-06-22/ On Tuesday, JPMorgan put Ocado on ’negative catalyst watch’ ahead of the firm’s half-year results on July 18. It cut the target price for the stock to 400p from 450p, maintaining its ’underweight’ rating. The group’s grocery arm faces a tough few months ahead, with more UK consumers turning to discount chains as cost-of-living worries persist, JPMorgan analysts had predicted. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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