Private equity group Permira is reported to be formulating a bid of more than £5bn (US$9.0bn) for UK supermarket group J Sainsbury.
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Permira, which has made failed bids for Debenhams and WH Smiths in the last year, is also in talks with financial backers to support the bid, reported The Sunday Times.
Sainsbury’s has been struggling in recent months, as it continues to lose market share to rivals including market leader Tesco. However, it has been lifted in recent weeks amid various reports of potential takeover bids.
Meanwhile, the newspaper also reported that Iceland’s Baugur, which recently made a bid for UK retailer Big Food Group, is understood to have met with John von Spreckelsen, executive chairman of Somerfield, to discuss a potential merger of the two chains.
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