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Monday, August 23, 2021

Sainsbury Rises 7% on Bid Speculation

Bloomberg reports that shares in J Sainsbury Plc rose almost 7% after a report that Apollo Global Management Inc. could be taking a look at Britain’s second-largest grocer amid wider consolidation in the sector. 

Apollo, which has $88 billion of assets under management, is interested in the U.K. supermarket industry, having previously lost out on the chance to take control of Asda, the country’s third-biggest grocer, to the Issa brothers and TDR Capital.

The U.S. private equity firm is also in discussions to join a consortium led by Fortress Investment Group to buy Wm Morrison Supermarkets Plc. If it joins the Fortress consortium, that could rule out any potential involvement in a bid for Sainsbury.

Consolidation is the name of the game.

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