Back to business

14 November 2007 By John Foley Follow @johnsfoley

Looking at the UK grocer’s share price, strategy and performance, it’s as if the Qatari state’s failed £13bn raid never happened. But two hangovers remain: an unstable shareholder base, and a cadre of managers who almost made a mint.

This content is for Subscribers only

To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.

Context News

J Sainsbury, the UK supermarket group, announced pretax profits in the first half of the year of £232m, at the top end of consensus expectations. Operating margins rose to 2.8%, from 2.4% in the same period last year.

The results were the UK grocer's first since Delta Two, a Qatari statebacked fund, withdrew from making a planned 600pashare for the group. The offer would have valued Sainsbury's at just over £13bn including net debt and pension fund contributions. The shares were trading at 426p at Tuesday's close.

Email a friend

Please complete the form below.

Required fields *