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Former Asda boss could become Sainsbury chairman

Published:  23 July, 2008

The former boss of Asda, Tony Campbell, could be the next chairman of Sainsbury's if a 10.4billion bid is accepted.

Delta Two officials said that if the deal went ahead, Campbell, currently senior non-executive director of First Choice Holidays, had agreed to chair the board should its offer go through.

The announcement will not please Lord John Sainsbury and Lord David who wrote a letter to Qatari prime minister, Sheikh Hamad bin Jassim Jabr al-Thani, emphasising that they would not back any takeover.

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.