News Formal

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

  • 📰 CNBC
  • ⏱ Reading Time:
  • 10 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

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."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan stocks set to rise after Merck announces new Covid treatment; China markets closedMerck and Ridgeback Biotherapeutics announced Friday they’ve developed a drug which reduces the risk of hospitalization or death by around 50% in Covid patients. Michael Burry Warns Retail Traders About the 'Mother of All Crashes' Evegrande is just one card in a collapsing house of cards!
Source: CNBC - 🏆 12. / 72 Read more »