Sainsbury's stock price jumps after share buying
Shares in Sainsbury’s surged today after reports of a major share buying spree re-ignited speculation about the future ownership of the retailer.
Attention was focused on the Tchenguiz brothers after a block of 250 million Sainsbury’s shares – equivalent to 14% of the company – reportedly changed hands at 575p a share, above the opening price of 530p.
The buying spree is said to have been carried out by Three Delta, an investment group with links to property entrepreneurs Robert and Vincent Tchenguiz.
Robert Tchenguiz already has a 5% stake in Sainsbury’s and is thought to have pressed for the retailer to split in two so it can realise the value of its property portfolio.
Mr Tchenguiz is understood to want the firm’s freehold property assets - estimated at up to £10bn (€14.69bn) – to be listed separately from the supermarket business.
Three Delta declined to comment on the speculation today.
The developments come less than a fortnight after a £10.1bn (€14.83bn) private equity bid for Sainsbury’s, led by CVC, collapsed after opposition from the Sainsbury family, which has an 18% stake in the business.
Shares were up 7%, or 37p at 567p.
