The proprietor of the Costcutter chain and one of many UK’s largest grocery wholesalers has taken a near-£200m stake in Sainsbury’s and stated it may improve its place additional.
The corporate, which describes itself because the UK’s seventh-largest household owned enterprise with a turnover of £4.5bn, has purchased nearly 81m shares, giving it a 3.45% stake within the UK’s second-largest grocery store.
Nevertheless, the group stated it supposed to carry its shares in Sainsbury’s “for funding functions” and added that it seemed ahead to “supporting the chief administration group”.
Bestway stated it “might look” at buying extra shares within the grocer, however this might be “topic to availability and value”.
It stated it was not contemplating making a takeover bid for Sainsbury’s – an announcement that bars it from such a transfer for six months, except a rival bid emerges, underneath Takeover Panel guidelines.