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Qatar ups Sainsbury stake to 25% | Qatar ups Sainsbury stake to 25% |
(10 minutes later) | |
The royal family of the Gulf kingdom of Qatar has upped its stake in supermarket J Sainsbury to above 25%. | The royal family of the Gulf kingdom of Qatar has upped its stake in supermarket J Sainsbury to above 25%. |
The family's investment vehicle, Delta Two, annouced it had bought 123 million Sainsbury's shares at 595 pence per share, making £732m in all. | |
The move takes the family stake to 435 million shares. | |
Sainsbury's was recently at the heart of a takeover battle, fighting off a £10.1bn ($19.9bn) offer from a private equity consortium in April. | Sainsbury's was recently at the heart of a takeover battle, fighting off a £10.1bn ($19.9bn) offer from a private equity consortium in April. |
The consortium led by CVC Partners dropped their proposals after the founding Sainsbury family, which owns 18% of the firm, had opposed its plans. | The consortium led by CVC Partners dropped their proposals after the founding Sainsbury family, which owns 18% of the firm, had opposed its plans. |
In early trading, Sainsbury's shares were up 4.3% to 589.5 pence. | |
Two families | Two families |
The Qatari royal family first unveiled its interest in Sainsbury's when in April Delta Two annouced it had bought 17.6% of the group. | The Qatari royal family first unveiled its interest in Sainsbury's when in April Delta Two annouced it had bought 17.6% of the group. |
The fresh purchase takes the Delta Two stake to 25.007%, well ahead of that held collectively by the Sainsbury family. | The fresh purchase takes the Delta Two stake to 25.007%, well ahead of that held collectively by the Sainsbury family. |
As well as the Qatari royal family, the Delta group of investment vehicles is linked to property entrepreneurs Robert and Vincent Tchenguiz. | As well as the Qatari royal family, the Delta group of investment vehicles is linked to property entrepreneurs Robert and Vincent Tchenguiz. |
Robert Tchenguiz owns 5% of Sainsbury's and has called for it to be split up so as to realise the value of its property assets. | Robert Tchenguiz owns 5% of Sainsbury's and has called for it to be split up so as to realise the value of its property assets. |
April's Qatari move caused analysts to speculate that a property deal was becoming more likely. | April's Qatari move caused analysts to speculate that a property deal was becoming more likely. |
But Sainsbury's itself has been at pains to distance itself from any spin-off off of its property, arguing that its value was closely tied to retail operations. | But Sainsbury's itself has been at pains to distance itself from any spin-off off of its property, arguing that its value was closely tied to retail operations. |
When in May it announced full-year profits of £380m, Sainsbury's said its property holdings were worth £8.6bn, 65% more than earlier estimates. | When in May it announced full-year profits of £380m, Sainsbury's said its property holdings were worth £8.6bn, 65% more than earlier estimates. |