Overview
- Qatar Investment Authority said it plans to reduce its holding in J Sainsbury from about 10.5% to roughly 6.8% via a secondary share sale.
- The sale is guided at 317.6 pence per share with JPMorgan acting as sole bookrunner, according to a term sheet reported by Reuters.
- The offering would dispose of approximately £265 million to £270 million of stock, or about 83.6 million to 98 million shares, based on the reported documentation.
- Sainsbury’s shares fell around 4% in Wednesday trading following news of the planned sell-down.
- The reduction ends nearly two decades with QIA as the largest investor, clearing the way for Daniel Kretinsky’s Vesa to become the top shareholder as Sainsbury’s lifts profit guidance above £1 billion and posts a near 23% year-to-date share gain.