Sainsbury family backs King
Show of support as bid rumours swirl
The Sainsbury family has backed chief executive Justin King as bid rumours continue to surround the UK supermarket chain.
Following reports that former Asda boss Allan Leighton has been approached to lead a takeover bid, financial news agency Bloomberg reported that Jessica Sainsbury, who controls 0.14 per cent of shares and is a great-granddaughter of the company’s founder, has said the Sainsbury family fully backs the current management.
She said: “We all back Justin and have every confidence he’ll produce the results. All this speculation is silly given he’s only just presented the strategy.”
The support of the Sainsbury family which controls around 34 per cent of shares, is seen as key to any bid. Some reports say private equity houses considering backing an approach would offer the family the chance to retain a stake.
