Sainsbury's on bid alert
Sainsbury's is once again on full bid alert, after the Qatar Investment Authority raised its shareholding in the company from 26% to 27.3%.
Last year the QIA - which has strong links with the Qatar Royal Family - made a 600p share indicative offer for Sainsbury's, but the bid approach via its Delta Two Fund collapsed last November, due to the onset of the credit crunch.
The QIA is now free to make another bid at whatever price it chooses. Property entrepreneur Robert Tchenguiz, who has a 10% stake in Sainsbury's, has converted some of his 'contracts for difference' into shares, a move which signals the possibility of a bid.