Move follows Texas Pacific and KKR withdrawal
Private equity firm Blackstone group is understood to have withdrawn from the consortium bid for supermarket chain Sainsbury's, amid mounting speculation that a£10.1 billion offer is close to collapse.

Blackstone is the third member to withdraw in the past few days, after KKR confirmed it was pulling out last week and Texas Pacific Group exited earlier today.

It is not yet known if CVC, the only remaining firm in the bid consortium, has joined forces with another player.

Sources said that Blackstone, like KKR and Texas Pacific, both left the consortium before the 582p-a-share bid was submitted at the weekend.