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Delta Two drops Sainsbury’s bid

Delta Two has informed Sainsbury's that it will not proceed with an offer for the share capital in the UK supermarket giant. It had originally been proposing a €14.8 billion takeover of the firm.

Commenting on the news, Sainsbury's said that "the company continues to have great potential under the leadership of its strong management team" and that it was committed to completing the Making Sainsbury's Great Again recovery plan to improve its sales.

"Interest in Sainsbury's has been borne out of the company's success to date in implementing its recovery strategy," said chief executive Justin King. "We have remained focused on delivering great service to customers over recent weeks and months and have made significant progress towards Making Sainsbury's Great Again. All colleagues can now continue to deliver towards the targets we have set."

Sainsbury's has also announced a joint venture with Land Securities, which will combine the retail and development expertise of the two companies to develop Sainsbury's property assets. The Sainsbury's property portfolio was valued at €12 billion in March 2007.

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