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Sun 17 Apr 2016 09:19 AM

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CVC, QIA and Brookfield drop $8.5bn Sainsbury's bid

Bid abandoned after Sainsbury's made a $2 billion bid for Home Retail Group, the owner of Argos

CVC, QIA and Brookfield drop $8.5bn Sainsbury's bid
Sainsbury’s: Sainsburys is the second largest chain of supermarkets in the United Kingdom with a total of 1,203 supermarkets and convenience store locations. Founded in 1869, the grocery outlet carries everything from appliances, toys, food and beverages, home and garden supplies, and technology.

CVC Capital Partners, Qatar Investment Authority (QIA) and Canada's Brookfield have abandoned a secret plan to bid for British supermarket group J. Sainsbury plc, Sky News has reported.

CVC, the biggest shareholder in Formula One motor racing, the QIA and Brookfield, a Canadian property group had drawn up a detailed plan to make an offer for the UK retailer, which was given formal approval from the City’s Takeover Panel.

Sky said the trio had dropped a planned takeover, hatched in the autumn, after Sainsbury's made a 1.4 billion pound ($2 billion) bid for Home Retail Group, the owner of Argos.

QIA has stake of just over 25 percent in Sainsbury's, held through Qatar Holding LLC, a QIA subsidiary.

With Reuters

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