Grocer could sell property to block takeover
Sainsbury's non-executive director Jamie Dundas has stepped down, after working at the company for six and a half years.

BUPA chief executive Val Gooding has joined the board as non-executive director.

According to reports over the weekend, Sainsbury's could consider selling its vast property portfolio - estimated at£7.5 billion - to prevent a takeover, if last week's interest from private equity groups turns into a formal offer.

Last week, the grocer's stock market value rocketed by more than£1 billion, as three large private equity groups revealed they were considering a bid.

In a statement to the stock exchange, CVC Capital Partners (CVC), Kohlberg Kravis Roberts & Co (KKR) and The Blackstone Group International (Blackstone) said they were only at the 'preliminary stages' of assessing a bid.

Sainsbury's said that no proposal had been received and it had no further comment to make.

However, according to reports, if a takeover was successful, the new private equity owner could give Sainsbury's clothing and electronics ranges an overhaul, to up the ante against rivals including Tesco, where 20 per cent of sales come from non-food items.