Middle East investors in $2.3 billion bidding war for UK food retailer

A consortium of Gulf investors headed by the Global Banking Corporation of Bahrain are in talks to acquire the UK frozen food retailer Iceland Foods for up to $2.3 billion - The Telegraph is reporting.

The consortium is said to be in talks with representatives looking after the assets of two collapsed Icelandic banks, Landsbanki and Glitnir, which held 76 percent of Iceland Foods. It has more than 730 shops across the UK.

The Bahrain investment firm "Global Banking Corporation" is listed in the Middle East Investors Directory with the code BFD66.

More details from The Telegraph follows