// Bestway Group acquires a 3.45% stake in Sainsbury’s considered to be worth £193m
// The wholesale group said it was not considering a takeover offer at this time
Costcutter owner Bestway Group has snapped up a 3.45% stake in Sainsbury’s in a deal worth around £193m.
The wholesale group said it is not considering a takeover offer at the moment but that it may look to purchase more shares “from time to time”.
The deal will see Bestway Group become the sixth-largest shareholder in Sainsbury’s.
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The wholesale giant said it intended to hold the near 81 million shares it had acquired in the Big 4 grocer for investment purposes and looked forward to supporting the executive team.
Sainsbury’s said: “We note the announcement made this morning by Bestway Group stating that it is not considering an offer for the Company.
“We will engage with Bestway Group in line with our normal interactions with shareholders.”
This comes as Sainsbury’s reported sales jumped 7.1% over Christmas as shoppers flocked to its stores to snap up the offers available.
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