Shares in UK retailer Sainsbury's jumped today (15 October) on reports of a fresh takeover approach from an investment fund backed by the Qatari royal family.

Sainsbury's shares had climbed 8.74% to 338.3 pence at 3.11pm (GMT), after the market was flooded with rumours that sovereign wealth fund the Qatari Investment Authority is planning a bid of as much as 420p per share.

In 2007, Qatari Investment Authority's investment fund Delta Two launched a GBP11bn bid for the retail group. The bid failed as the Sainsbury's family refused to have control of the company wrestled from them. However, Qatari Investment Authority was left with a 26% stake in the group.

When contacted by just-food, Sainsbury's declined to comment on reports.