Sainsbury (SBRY:LN) Shares Rise on Speculation of Buyout Interest - Bloomberg
Shares in J Sainsbury Plc rose almost 7% after a report that Apollo Global Management Inc. could be taking a look at Britain’s second-largest grocer amid wider consolidation in the sector.
Apollo, which has $88 billion of assets under management, is interested in the U.K. supermarket industry, having previously lost out on the chance to take control of Asda, the country’s third-biggest grocer, to the Issa brothers and TDR Capital.
The U.S. private equity firm is also in discussions to join a consortium led by Fortress Investment Group to buy Wm Morrison Supermarkets Plc. If it joins the Fortress consortium, that could rule out any potential involvement in a bid for Sainsbury.
The U.K.’s Sunday Times reported that Apollo “is said to be running the rule over” Sainsbury.
Representatives for Apollo and Sainsbury declined to comment.
Sainsbury has been attracting speculation since its attempt to merge with Asda was blocked by U.K. antitrust regulators. Shares in Sainsbury have risen by almost a third this year. The grocer’s two largest shareholders are the Qatar Investment Authority and Daniel Kretinsky, a Czech billionaire, who between them own almost a quarter of the stock.
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