Subscriber login Close [x]
remember me
You are not logged in.

Sainsbury step-ups opposition to proposed Qatari takeover

Published:  23 July, 2008

Sainsbury family write to Qatari Prime Minister opposing the takeover.

Members of the Sainsbury family wrote to Qatari Prime Minister - whose investment fund is poised to launch a 10.4billion takeover of the UK supermarket giant - last week stating they would oppose any deal that left the supermarket chain in debt, according to The Times.

Lords David and John Sainsbury wrote the letter to Sheikh Hamad bin Jassim Jabr al-Thani emphasising that they would not back any takeover, the newspaper said.

The proposed takeover by Qatar's Delta Two investment fund is heavily reliant on debt funding.

The Sainsbury family also said it would not support a deal that involved selling off its property portfolio.

The family controls 18% of Sainsbury's shares. The Qataris have built up a 25% stake.