Sainsbury's shares surge 15% on private equity takeover interest

The outcome of the current takeover speculation surrounding Sainsbury's significantly depends on the result of the takeover battle for rival supermarket chain Morrisons.

Shares in UK supermarket giant Sainsbury’s rose by more than 15% after a report that Apollo Global Management could be taking a look at Britain’s second-largest grocer amid wider consolidation in the sector.

Apollo, which has $88bn (€75bn) of assets under management, is interested in the UK supermarket industry, having previously lost out on the chance to take control of Asda, the country’s third-biggest grocer, to the Issa brothers and TDR Capital.