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Qatar 'eyes Sainsbury's takeover' Qatar 'eyes Sainsbury's takeover'
(4 days later)
The royal family of Qatar is contemplating a full takeover offer for supermarket J Sainsbury, a report says.The royal family of Qatar is contemplating a full takeover offer for supermarket J Sainsbury, a report says.
The family's investment vehicle, Delta Two, announced on Friday that it had upped its stake in the supermarket chain from 17.6% to 25%.The family's investment vehicle, Delta Two, announced on Friday that it had upped its stake in the supermarket chain from 17.6% to 25%.
A bid to amass control of the firm was now "under consideration", a Qatari source told the Sunday Telegraph.A bid to amass control of the firm was now "under consideration", a Qatari source told the Sunday Telegraph.
Sainsbury's is this week expected to announce a tenth consecutive quarter of sales growth as its recovery continues.Sainsbury's is this week expected to announce a tenth consecutive quarter of sales growth as its recovery continues.
The possibility of a takeover sent shares in the supermarket to record highs on Friday, closing at 590p, up 4.9%.The possibility of a takeover sent shares in the supermarket to record highs on Friday, closing at 590p, up 4.9%.
'Bid support''Bid support'
Delta is run by Paul Taylor, who was once chief of an investment vehicle of property magnate Robert Tchenguiz.Delta is run by Paul Taylor, who was once chief of an investment vehicle of property magnate Robert Tchenguiz.
Mr Tchenguiz, who has a 5% stake in Sainsbury's, would support a takeover bid, the newspaper said.Mr Tchenguiz, who has a 5% stake in Sainsbury's, would support a takeover bid, the newspaper said.
He has made it clear he would like the group to split off its property assets to release value for its shareholders.He has made it clear he would like the group to split off its property assets to release value for its shareholders.
Mr Taylor's past experience has led some analysts to suggest that Delta, too, might be looking for such a property deal.Mr Taylor's past experience has led some analysts to suggest that Delta, too, might be looking for such a property deal.
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.
In a note to clients, ABN Amro said it did not think anyone - management or outside investors - could unlock value from property "without hindering the group's... recovery and competitive capability".In a note to clients, ABN Amro said it did not think anyone - management or outside investors - could unlock value from property "without hindering the group's... recovery and competitive capability".
Premium purchasesPremium purchases
Sainsbury's which has about 770 stores, was at the heart of a takeover battle in April, fighting off a £10.1bn ($19.9bn) offer from a private equity consortium. Sainsbury's, which has about 770 stores, was at the heart of a takeover battle in April, fighting off a £10.1bn ($19.9bn) offer from a private equity consortium.
The group, led by CVC Partners, dropped its 600 pence-a-share proposal after the founding Sainsbury family, which owns 18% of the firm, had opposed its plans.The group, led by CVC Partners, dropped its 600 pence-a-share proposal after the founding Sainsbury family, which owns 18% of the firm, had opposed its plans.
Sainsbury's releases its first quarter results on Wednesday, and is tipped to have seen further growth, driven in part by greater demand for organic and its premium Taste The Difference range.Sainsbury's releases its first quarter results on Wednesday, and is tipped to have seen further growth, driven in part by greater demand for organic and its premium Taste The Difference range.
The latest figures from research firm TNS Worldpanel saw that the chain saw year-on-year growth of 8% in the 12 weeks to 20 May.The latest figures from research firm TNS Worldpanel saw that the chain saw year-on-year growth of 8% in the 12 weeks to 20 May.
Sainsbury's chief executive Justin King launched a restructuring programme in 2004, which is due to come to an end in October this year.Sainsbury's chief executive Justin King launched a restructuring programme in 2004, which is due to come to an end in October this year.