Sainsbury’s has refuelled takeover rumours, with a report saying the chain is looking at selling its pension scheme.
As reported by the Sunday Express, the chain’s multi-billion pound pension fund was thought to be behind last year’s ill-fated takeover attempt by Qatari-backed suitor Delta Two, following failure to strike a deal with the pension scheme trustees.
The newspaper said Sainsbury’s is considering quotes from a number of buyout groups with a view to selling the scheme - creating speculation of a new takeover bid.
Delta Two added fuel to the fire by increasing its stake in Sainsbury’s last week to just under 25.3 per cent.
But the retailer is thought to still be deciding what it will do with its final salary pension scheme, worth some £2 billion and with 85,000 members.
In last year’s takeover rumours, Delta Two is thought to have offered pension trustees £1bn to ensure financing for the scheme, but trustees reportedly demanded £1.75bn.
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