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Convenience retailer Nisa's CEO leaves during takeover talks

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Convenience retailer Nisa's CEO leaves during takeover talks

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LONDON (Reuters) – Nisa Retail said on Saturday its chief executive had left the convenience retailer, which is in talks with the Co-operative Group <42TE.L> to be taken over. Nisa, which is owned by its independent retail members, said Nick Read had left with immediate effect but did not give a reason. Read had held the role since December 2014. A source close to the negotiations with the Co-op said Read’s sudden departure “was not expected to impact the deal and exclusive talks are ongoing.” Last month Britain’s second largest supermarket group Sainsbury’s <SBRY.L> suspended bid talks with Nisa, saying it needed a clearer idea of whether the competition regulator will approve takeovers in the fast-growing convenience sector. That opened the door for the Co-op. The Competition and Markets Authority (CMA) is probing Tesco’s <TSCO.L> proposed 3.7 billion pound takeover of Booker <BOK.L>, a wholesaler which supplies the convenience sector.

(Reporting by James Davey; editing by Alexander Smith)
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