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."
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Morrisons losers will check out UK’s Sainsbury’sCD&R won an auction for Britain’s fourth biggest supermarket with a 7 billion pound bid, edging out a consortium led by SoftBank’s Fortress by just 1 pence per share. The winner could be overpaying, making rival grocer Sainsbury’s look more attractive as a fallback option.
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Morrisons losers will check out UK’s Sainsbury’sBritish shoppers are getting used to making do with substitutes when supply-chain woes make their first choice unavailable. SoftBank Group’s Fortress Investment, which led the losing consortium for grocery chain Wm Morrison Supermarkets , is having to do the same. It may not regret the outcome.
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