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Thursday, 8 July 2010
Sainsbury's shares rise 5pc on Qatari bid speculation - Telegraph
In 2007 the QIA-backed Delta Two investment fund launched a £10.6bn, 600p-a-share, indicative bid for Sainsbury's. The deal came to nothing after a drawn-out tussle and a war of words with members of the Sainsbury family.
However, the QIA has retained its stake in the supermarket and analysts have noted that it has recently started buying Sainsbury's shares again. It was reported that Credit Suisse, the investment bank, is among a team of advisers working on a deal that could happen over the summer.
QIA has recently been on a buying spree in the UK. In the spring Qatar Holdings, the investment arm of QIA, bought London department store Harrods for about £1.5bn. It has also bought the US Embassy building in Mayfair for £440m, among other buildings.
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