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Sainsbury’s, the UK’s third- biggest supermarket chain, softened its opposition to Qatar’s £10.5 billion (R149 billion) takeover bid after the Persian Gulf emirate said it would borrow less to fund the deal.

September 21, 2007

Sainsbury’s, the UK’s third- biggest supermarket chain, softened its opposition to Qatar’s £10.5 billion (R149 billion) takeover bid after the Persian Gulf emirate said it would borrow less to fund the deal.

Sainsbury’s opened its books to Delta (Two), a fund backed by Qatar, yesterday.

Qatar offered £6 a share for the retailer on July 19. Sainsbury’s shares, up 39 percent this year, rose 3 percent to £5.70 , though they are still below their July peak of £5.94. – Bloomberg, London