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Sainsbury’s shares rise on market speculation after private equity swoops for rival Morrisons

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Shares of British grocery chain Sainsbury's rose Monday after U.S. private equity firm Clayton, Dubilier & Rice narrowly won an auction for domestic rival Morrisons.

Saturday's auction brought to an end a bidding war between the two U.S.-based investment groups that had rumbled on since June, and analysts now expect Fortress to size up other British grocery chains as possible alternatives. Sainsbury's shares were up 3.7% by early afternoon on Monday.

"A weak pound and low interest rates mean U.K. companies could look more enticing now than they have in a while, and further offers for U.K. businesses can't be ruled out."

 

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