M&S and Ocado in talks over British retail joint venture

© Reuters. Shoppers walk past a branch of Marks and Spencer in central London, Britain

LONDON (Reuters) – Retailer Marks & Spencer is in talks with online supermarket Ocado (LON:) to form a British joint venture, it said on Tuesday, after the Evening Standard newspaper reported it was set to pay up to $1.2 billion (£911 million) for a 50 percent stake.

The deal would give M&S a food delivery service for the first time.

The Evening Standard said the two groups could announce a deal as soon as Wednesday.

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