US venture capitalist company Kohlberg Kravis Roberts (KKR) is rumoured to be mulling a bid for UK-based J Sainsbury if the supermarket firm’s new chief executive fails to produce signs of a turnaround soon.
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Last week Justin King took up the post of CEO of Sainsbury’s, which has been losing market share to its main rivals and has lost its place as the second-largest UK grocery retailer to Wal-Mart’s Asda.
Rumours have been circulating about potential bidders for Sainsbury’s for many months, but the founding family, which control 38% of the company’s shares, are believed to be becoming more likely to consider an offer, reported the Guardian, citing retail insiders.
KKR, which considered a bid for UK grocer Safeway last year, recently asked investors for US$3bn to finance European takeovers.
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