// Major Sainsbury’s stake snapped up by Czech billionaire
// Businessman Daniel Kretinsky now holds a 3.05% stake
// Sainsbury’s shares rose by more than 3% following the purchase
Sainsbury’s has seen a Czech investor snap up a major stake in the business, making him the fourth largest shareholder.
Billionaire businessman Daniel Kretinsky now holds a 3.05 per cent stake worth £125 million in the Big 4 grocer.
He is also a major shareholder in the Royal Mail.
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Sainsbury’s shares rose by more than three per cent after Kretinsky’s investment vehicle VESA Equity Investment disclosed its stake on Thursday.
Kretinsky is seeking to bolster his portfolio of investments in supermarkets across Europe.
He currently has a stake in French giant Casino and German wholesaler Metro, while also snapping up stakes in Foot Locker and US-based retailer Macy’s.
”We view Sainsbury’s as an attractive investment opportunity for the long-run even against the backdrop of the highly competitive UK grocery market,” VESA investment director Branislav Miskovic said.
“Sainsbury’s is a strong traditional brand with good locations concentrated in the South East of England, including London and an attractive convenience as well as online food delivery proposition for its customers.”
Separately, Kantar found that grocery sales growth slowed in August as shoppers spent £155 million less in supermarkets amid the Eat Out to Help Out scheme.
The latest grocery market share figures revealed that grocery sales increased by 10.8 per cent over the past 12 weeks to September 6, but saw growth slow to eight per cent in August.
Sainsbury’s reported a growth of eight per cent during the period.
Moreover, total online grocery sales skyrocketed by 77 per cent year-on-year for August.