Sainsbury’s confirms fresh takeover approach

Sainsbury’s supermarket group has been approached by an Middle Eastern investment firm about a possible takeover rumoured to be worth £12bn.

The approach from Delta Two, which already owns 25% of the supermarket, comes after the supermarket rejected a takeover bid from private equity firm CVC.

Sainsbury’s said the latest approach from the Quatar-based company “may or may not lead to an offer being made.”

A further announcement would be made “as appropriate,” it added.

Any takeover would have to be agreed by the Sainsbury family, which controls about 18% of the supermarket’s shares. Previous bids were met with opposition from the family.