Fresh takeover speculation is circulating over struggling retail giant Sainsbury’s with former Asda boss Archie Norman being linked to the deal.
Media reports said investment banker George Magan has admitted he has looked at the possibility of launching a takeover bid for the retailer.
According to The Times, Norman, former chief executive of Asda and current Conservative MP for Tunbridge Wells, is said to have been approached on an almost weekly basis by banks and private equity firms to lead a bid for Sainsbury's.
His former Asda colleague, Allan Leighton is also reported as having been asked to run the retailer.
However Magan, the former treasurer of the Conservative party, has denied he was assembling a team of retail executives to launch an immediate bid.
In a statement he said: “Clearly I evaluate on a continuous basis all sorts of investment opportunities and, in particular, review situations which are currently in the public domain.
“Like many other investment bankers, no doubt, I have undertaken a preliminary review of Sainsbury’s, but the weekend press has exaggerated my current involvement with the situation.”
