Skip to main content

QIA and CVC reported to have been planning bid for Sainsbury’s

| International retailers

Sainsbury’s largest shareholder, the Qatar Investment Authority (QIA), had reportedly teamed up with CVC Capital Partners and Canadian property group Brookfield with a view to making a £6bn bid for the supermarket chain earlier this year.

According to Sky News, the consortium began working on their offer last autumn and were at an advanced stage in their planning having received formal approval from the City’s Takeover Panel. Sainsbury’ share price fell heavily last year and CVC, Brookfield and the QIA regarded the business as being “significantly undervalued”. 


It is understood that Archie Norman, the chairman of ITV and a former chairman of Asda, had been lined up by the bidders as a potential chairman of Sainsbury’s if the takeover had gone ahead. 

However, Sky News said the consortium abandoned its plan to approach the Sainsbury’s board shortly after the group confirmed that it intended to make an offer for the Home Retail Group. Sainsbury’s share has risen significantly since its offer for the owner of Argos and closed at almost 285p on Friday, compared with lows of around 220p last September. 

All parties involved have yet to comment on the report. 

 

Pin It

Related Articles

Spar reports growth of 3.3% as global retail sa...

SPAR, the world’s largest food retail voluntary chain, has seen annual retail sales break the €40 billion mark for the first time, today reporting global sales revenue of €41.2 billion for the year ending December 31st, 2021. The figures represent...

Informal Retail in Africa: Could Technology be ...

Since the turn of the century and consistently for nearly a decade before the COVID-19 pandemic ravished global markets, Africa was home to the fastest growing economies. The shoots of positive growth it demonstrated afforded it the title of the “...

Consumers need a good reason to shop this Black...

Last year’s Black Friday retail sales massively underperformed for many reasons, according to Marino Sigalas, Account Director at The MediaShop. He says that some consumers were not comfortable with the thought of being shoulder to shoulder with o...

Checkers launches deals onto its Sixty60 home d...

Retailer Checkers says that customers using its Sixty60 home delivery service will now be able to benefit from its Xtra Savings rewards programme.

SA wipe manufacturer Sani-touch is ahead of the...

In the UK a government minister is calling for a new law to ban wet wipes that contain plastic. Labour minister Fleur Anderson argues that around 90% of the 11 billion wet wipes used in the UK per year contain some form of plastic that turns into ...