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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 purchases | Premium 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. | |
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. |
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