Sainsbury’s, the UK retailer, is rumoured to be the subject of another takeover bid from the Qatar Investment Authority (QIA).
The retailer’s share price was up 12.80p, or 3.86% at 11:28 BST today (7 July), following speculation that the QIA, the company’s largest shareholder, could up its stake.
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The rumours come nearly three years after the QIA launched a bid for the supermarket chain but then backed away, blaming the credit crunch.
According to The Daily Mail, the QIA may soon increase its stake in Sainsbury from 26% to 29.9% prior to making a cash offer for the whole business of GBP5 (US$7.56) a share.
Meanwhile, The Daily Telegraph said there is speculation of a bid for Sainsbury’s at GBP5.5 a share.
Commenting on the potential takeover RBS analyst Justin Scarborough said: “The Sainsbury business model has developed further since the QIA walked away in November 2007, and that the original reasons for the QIA to bid still hold today.”
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