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September 4, 2007

UK: Sainsbury suitor armed with warchest

Sainsbury’s Middle Eastern suitor has armed itself with a US$3 billion warchest, reports said yesterday (3 September).

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.

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