Sainsbury’s is considering plans to sell off its final-salary pension scheme in a move that could pave the way for a renewed takeover bid from Qatari-backed investment fund Delta Two.
Liabilities with the retailer’s multi-billion pound pension fund are believed to have been a major factor in last year’s failed takeover attempt by Delta Two, worth a reported £10.5bn.
Pension trustees were reportedly offered £1bn by Delta Two to ensure financing for the scheme . But the offer was turned down after trustees demanded £1.75bn.
According to newspaper reports, Sainsburys is now considering quotes from a number of buyout groups with a view to selling the scheme, re-fuelling speculation of a fresh takeover approach.
Rumours of a new bid intensified last week when Delta Two increased its stake in Sainsbury’s to just under 25.3 per cent.
But the supermarket chain is thought to still be undecided on the future of its final salary pension scheme, which includes over 85,000 members and is valued at more than £2bn.
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