M&S and Ocado in talks about joint venture

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Marks and Spencer (M&S) and Ocado have confirmed they are “in discussions” about a £1.8bn joint venture.

Shares in both companies jumped on the news about the deal, which would give M&S a food delivery service for the first time.

The London Evening Standard said any deal would see M&S pay Ocado between £800-900m for a 50% stake.

M&S said there was no certainty the discussions would result in any agreement.

Shares in M&S were up 3% on the news while Ocado was up 10%.

Currently Ocado has delivery deals with both Waitrose and Morrisons, as well as delivering its own branded goods.