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