City Of London
Qatar to Sell $360 Million Sainsbury’s Stake After Share Rally
A customer empties her shopping trolley into her car outside a J Sainsbury Plc supermarket in Colney, UK.
Photographer: Chris Ratcliffe/BloombergQatar’s sovereign wealth fund sold a stake worth about £266 million ($352 million) in J Sainsbury Plc, bringing an end to its near two-decade run as the largest shareholder in the supermarket.
The Qatar Investment Authority sold about 83.6 million shares in Britain’s second-largest grocery chain for £3.176 apiece, according to terms of the deal seen by Bloomberg. It has also entered into a derivatives agreement with JPMorgan Chase & Co., as a result of which the bank sold a further 14 million shares, according to a statement on Monday.