US investor takes profits
Brandes Investment Partners and its affiliates have sold 1.2 per cent of Sainsbury's, taking advantage of the rise in the grocer's share price. The US investor has decreased its reportable interest in Sainsbury's to 9.77 per cent from 10.99 per cent.
The announcement comes amid mounting speculation that a private equity consortium is going to make a bid for the grocer.
The grocer is valued at£7.6 billion, but market sources said that a bid would need to reach£10 billion to be successful.
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