Sainsbury Snag Adds $336 Million to Qatar's European Problems - Bloomberg:
The day a major deal hits a snag is never a good one for investors, and Wednesday must have been particularly annoying for the Qatar Investment Authority.
QIA is J Sainsbury Plc’s largest shareholder, controlling more than a fifth of the British grocery chain. The value of that holding fell by about 257 million pounds ($336 million) Wednesday, data compiled by Bloomberg show, on news that the grocer’s planned tie-up with Asda hadn’t passed muster with regulators.
Supermarkets aren’t the only European investments looking dubious for Qatar, which has one of the world’s largest sovereign-wealth funds, with more than $320 billion in assets. In addition to U.K. real estate, which is in the midst of a slump as Brexit scares away buyers and a retail decline hurts shops, QIA’s publicly traded Europe portfolio also includes a number of firms that have been falling.
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