Sainsbury´s: confirms preliminary approach

London / UK. (js) J. Sainsbury PLC confirms it has received a preliminary approach from Delta (Two) Limited, which may or may not lead to an offer being made for Sainsbury´s. The board will make a further announcement, as appropriate, in due course, a press release announces. The talks are the latest episode in months of speculation over the future of Sainsbury´s – third-largest retailer in the United Kingdom.

Delta Two, a vehicle of the Qatari royal family, amassed its stake in Sainsbury´s last month. The share raid sparked speculation over the fund´s intentions. Delta Two is run by Paul Taylor, a former associate of Robert Tchenguiz, the property tycoon who holds five percent of Sainsbury´s shares. Together, Delta Two and Tchenguiz hold a 30 percent stake in Sainsbury´s which, if they teamed up, would trigger an automatic offer for the company.

A disclosure table, giving details of Sainsbury´s in whose «relevant securities» «dealings» should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel´s website. The official Sainsbury´s press release you find at the corporate website.