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Sainsbury in play with Delta18/07/2007. Source: AltAssets. 
 Delta (Two), one of the investment vehicles backed by the Qatar oil state, is making a bid for the UK supermarket and retail group Sainsbury.
Various news sources, including the FT, have reported that the bid is in the region of £10-£12bn.
Sainsbury confirmed the approach in a company statement, saying that, 'J Sainsbury plc confirms it has received a preliminary approach from Delta (Two) Limited, which may or may not lead to an offer being made for Sainsbury's. The Board will make a further announcement, as appropriate, in due course.'
Delta already owned a quarter of the firm's stock. A similiarly-sized £10bn bid by PE house CVC failed earlier this year after members of the Sainsbury family opposed the takeover as being priced too low.
Like most of the Gulf oil states, Qatar has been recently enjoying a large surplus from its oil revenues, which the state and its ruler Emir Sheikh Hamad bin Khalifa have been recycling into overseas investment and internal infastructure projects (including setting up the Al Jazeera media network).
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