The turmoil in global credit markets could force Delta Two, the Qatari investment fund bidding to buy UK supermarket group Sainsbury‘s, to raise the equity element in its GBP10.6bn offer, The Financial Times has suggested.

The FT report, which cited sources close to the deal, suggested that the meltdown in the US sub-prime mortgage market has raised concerns that Delta Two will struggle to raise funds for the deal. This has led to calls for Delta Two to increase the equity proportion of the bid.

A report in the Sunday Telegraph suggested that bankers providing Delta Two with the debt for the deal are becoming increasingly nervous over the prospect of selling the loans on to other banks. According to the newspaper, relations between Sainsbury and Delta had soured, as a result of uncertainty over whether Delta Two has the funding place.

Sainsbury’s is pushing Delta to up the equity part of the deal but, according to the Sunday Telegraph, Delta Two is sticking to the original terms and structure of the bid. The two groups are thought to have scheduled a meeting to discuss the situation for this Wednesday (15 Aug).