Sainsbury's major shareholder 'rejects' offer price

The Qatari fund circling supermarket Sainsbury’s was today under pressure to increase its takeover offer after reportedly failing to win the support of a major shareholder.

The Financial Times said property tycoon Robert Tchenguiz, who controls around 10% of the supermarket’s shares, was not prepared to accept Delta Two’s 600p-a-share indicative offer. He is said to believe that 610p a share or above is a more realistic price.