Future Of British Business
Bestway Group Buys Stake in Sainsbury; Says No Offer Made
- Family-owned conglomerate to hold stock for investment reasons
- Share purchase will prompt more Sainsbury takeover speculation
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British convenience store operator Bestway Group Ltd. has bought a 3.45% stake in J Sainsbury Plc and said it may look to buy more in a move that will prompt speculation about the future of the UK grocer.
Bestway said Friday it intends to hold the shares for investment purposes but added that it’s not considering making an offer for Sainsbury, the UK’s second largest grocer. The purchase of shares is equivalent in value to about £193 million ($239 million) at Sainsbury’s closing price on Thursday.