Sainsbury’s Middle Eastern suitor has armed itself with a US$3 billion warchest, reports said yesterday (3 September).
The state-owned Qatar Investment Authority has raised the money through loans, according to Reuters. The nine-month loan can be extended for another six months.
“It’s a warchest … for undisclosed investments,” one of the bankers was quoted saying.
In June Qatar Investment Authority’s Delta Two acquired around $1.5 billion worth of Sainsbury stock. A month later it announced a $21.4 billion bid to buy the UK’s third largest supermarket operator.