// Shares at Sainsburys rise as Fortress says it remains interested in UK assets
// Sainsbury’s stock was up 4.2 pence at 288.9 pence at 0858 GMT, valuing the business at 6.7 billion pounds ($9.1 billion)
Shares in Sainsbury’s rose as much as 3.7 per cent this morning amid hopes that SoftBank’s Fortress, which lost out in the auction for Morrisons may turn its attention to another major player within the UK grocery scene.
Sainsbury’s stock was up 4.2 pence at 288.9 pence at 0858 GMT, valuing the business at £6.7 billion pounds.
Fortress was defeated in Saturday’s auction for Morrisons, Britain’s No. 4 supermarket group, bidding 286 pence a share – a penny less than rival Clayton, Dubilier & Rice.
Despite this, managing partner Joshua A Pack signalled Fortress remained interested in UK assets.
“The UK remains a very attractive investment environment from many perspectives, and we will continue to explore opportunities to help strong management teams grow their businesses and create long-term value,” he said in a statement.
A spokesperson for Fortress declined to comment on Sainsbury’s, which trails only market leader Tesco in UK grocery sales while a Sainsbury’s spokesperson also declined to comment.
Unlike Morrisons, the grocer doesn’t produce some of its own food and has a smaller freehold property portfolio but it has a bigger market share and better online offering.
Shares in Sainsbury’s are up 28 per cent this year, buoyed by bid speculation.
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