27th Jan 2016 06:32
LONDON (Alliance News) - The largest investor in grocer J Sainsbury PLC is close to giving its support for a renewed bid for Home Retail Group PLC, The Times reported.
The Qatar Investment Authority, which owns a 25% stake in Sainsbury's, is understood to have indicated it would support the UK supermarket chain should it make a renewed bid for Home Retail, the owner of Homebase and Argos, of more than GBP1.0 billion.
Sainsbury's had a bid for Home Retail rejected back in November and now has until Tuesday next week under UK takeover rules to make a firm offer or walk away from the deal. Since its offer was disclosed, Home Retail has struck a deal to sell Homebase to US group Wesfarmers Ltd.
http://www.thetimes.co.uk/tto/business/industries/retailing/article4675268.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Sainsbury'sHome Reit