Sainsbury up on bid rumours

Revived takeover speculation gave shares in UK supermarket retailer J Sainsbury their biggest gain in more than two years . The shares surged by nearly 20% in London in mid-session on speculation that the Qatari Investment Authority had made a second approach to the Sainsbury family trust. Qatari’s sovereign wealth fund holds about 26% of Sainsbury and has been widely rumoured to be reviewing options for the stake, having had a 600p bid rejected in 2007.