Costcutter owner Bestway buys Sainsbury's stake

Costcutter owner Bestway buys Sainsbury's stake - Check out in detail

Retail group Bestway, the owner of Costcutter, has built a 3.45% stake in Sainsbury's

[{"selector":"#anim-1777ee25-65e9-4fc3-8831-b414e9b07aa8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

Sainsbury's shares were up 4.4% on Friday, hitting their highest since April and leading gainers on the FTSE 100

[{"selector":"#anim-9c19617c-85c3-4d8e-ba06-95810aee8015 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.319323505611145%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Arrow

[{"selector":"#anim-8ea25dc8-646d-4760-b0b5-f0e610147ae4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Bestway, which bills itself as the seventh largest family-owned business in the United Kingdom with turnover of about 4.5 billion pounds Arrow

[{"selector":"#anim-b761e6bb-dfdc-4731-9215-0e51ea523863 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.499999772451451%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Bestway, which is owned by the Pervez, Choudrey and Sheikh families and led by Chief Executive Zameer Choudrey, said it may look to make further market purchases of Sainsbury's shares from time to time, subject to availability and price. Arrow

It took the unusual step of telling institutional shareholders in Sainsbury's interested in selling their shares to it to contact the broker Redburn.

[{"selector":"#anim-5c3fe795-15f2-45ce-a547-3753d8d3f91d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.75743112266771%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Arrow

The 3.45% stake makes Bestway Sainsbury's sixth largest investor, Refinitiv Eikon data showed.

[{"selector":"#anim-107a03a6-1fc0-4269-ac55-3e4826041dae [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.177192637453615%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

The Qatar Investment Authority is the largest with 14.3%.

[{"selector":"#anim-57671c52-13da-49e6-b7e5-9bfbb39e0509 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow

Given Bestway's statement, under UK takeover rules it cannot make a bid for Sainsbury’s for six months unless another offer came in for the group.

[{"selector":"#anim-88066c98-f955-46e1-80e3-1afba6c345cf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] Arrow

Hope you people found the story informative. For more such interesting stuff, click on the link given below

[{"selector":"#anim-f594bb89-dcdf-43b7-b0f7-31c434bbc57b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-7.4401852886236925%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Arrow SWIPE UP