Ocado shares surge on Amazon bid speculation

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Shares in British online grocer Ocado surged as much 43 per cent on Thursday following rumours that it could be a bid target for Amazon.

Ocado’s stock was last trading at 580p, or 35 per cent higher, after The Times newspaper reported that the UK company could be of interest to “technology heavyweights”, including Amazon.

Ocado shares have fallen heavily since peaking at over £28.00 in 2021 as the pandemic-driven boom in online shopping ends.

In February, Ocado reported a £501mn pre-tax loss for the year, the biggest in its 23 years of trading, while its 50-50 joint venture with Marks and Spencer made a loss.

Ocado and Amazon both declined to comment.