PE Deals

CVC, QIA and Brookfield drop secret bid plan for Sainsbury: Reuters

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A sign is displayed outside a Sainsbury's store in London, in this file photograph dated December 3, 2015. REUTERS/Neil Hall/files

CVC Capital Partners [CVC.UL], Qatar’s QIA and Canada’s Brookfield Asset Management have abandoned a secret plan to bid for British supermarket group J.Sainsbury plc (SBRY.L), Sky News reported on Saturday.

The report could not immediately be verified.

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

QIA has an around 25 percent stake in Sainsbury’s.

(Reporting by Elisabeth O’Leary; Editing by Alexander Smith)

(This story has been edited by Kirk Falconer, editor of PE Hub Canada)

Photo courtesy of Reuters/Neil Hall