Sainsburys thrust back into takeover spotlight

Supermarket giant Sainsbury’s is understood to be eyeing a sale of its pension scheme in a move set to thrust the group back into the takeover spotlight, a report said today.

The retail chain’s multi-billion pension fund was believed to be behind the collapse of last year’s £10.6bn (€13.4bn) takeover proposal from its Qatari-backed suitor Delta Two, after failure to agree a funding deal with the pension scheme trustees.

But a report in The Sunday Express today said Sainsbury’s was considering quotes from a number of buyout groups with a view to possibly selling on the multi-billion pound pension fund, reigniting the prospect of a new bid.

Delta Two’s backer, the Qatar Investment Authority (QIA) has already fuelled rumours of renewed interest in the supermarket by increasing its stake in Sainsbury’s last week to just under 25.3%.

The QIA, whose chief executive is Sheikh Hamad bin Jassim al Thani – Qatari prime minister and a member of the country’s royal family – is also free to bid again for Sainsbury’s under takeover rules.