U.S. News

Sainsbury Shares Rise in London on Report of Rival Bid


Shares in Sainsbury rose 3% in London on Friday after the Wall Street Journal reported another group of private equity investors was exploring a possible bid for the British supermarket group, traders said.

The newspaper's Web site said the second group of investors comprised Bain Capital, Apollo Management and Vornado Realty Trust.

The cost of insuring Sainsbury's debt against default rose 10 basis points to 127 basis points, a dealer in London said.

A consortium comprised of CVC Capital Partners, Blackstone Group, Kohlberg Kravis Roberts and Texas Pacific Group has expressed interest in bidding for Sainsbury.