Robert Tchenguiz has refused to accept Qatar's state investment fund £10.4 billion offer for Sainsbury's.

The Delta Two investment fund, which already owns a 25 per cent stake in the supermarket chain, may have to raise its 600p a share offer made earlier in July in the face of the revelation, as reported in The Financial Times.

Tchenguiz, who operates a 10 per cent stake in Sainsbury's, does not believe the offer is fair and has reportedly suggested a 610p a share offer or more.

Without the support of Tchenguiz and the Sainsbury family, with its 18 per cent stake, Delta Two will be unable to clinch the 75 per cent accpetance it needs to de-list the firm.

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