Ocado - comment

The recent spats between Ocado and M&S over the retail JV are predominantly about the valuation. M&S has been unhappy with the product range, which taking control would resolve. M&S needs an online strategy, and the Ocado logistics systems are the best. Online growth has slowed, so the value M&S places on the other 50% will be lower than Ocado would have hoped for when it launched the JV.