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

A view of the Marks & Spencer branch in Ashford, Kent.

Gareth Fuller | PA Images via Getty Images

A view of the Marks & Spencer branch in Ashford, Kent.

British retailer Marks & Spencer is in talks with online supermarket Ocado to secure a food delivery service for the first time, sending shares in both groups soaring.

The companies released a short statement on Tuesday, saying there was no guarantee a deal would emerge, after London’s Evening Standard newspaper said Marks & Spencer (M&S) was set to pay up to $1.2 billion for a 50 percent stake in a joint venture with Ocado.

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