UK - Delta Two drops bid for Sainsbury

Delta Two has abandoned its attempt to acquire J Sainsburys, the FTSE100 supermarket chain. Qatari investment vehicle Delta Two began preliminary discussions with Sainsbury in July this year making a 600p per share indicative offer for the group. Delta Two claimed the increase in the cost of capital since the summer's credit crunch and the additional ТЃ500m being demanded by the company's pension fund eventually made the ТЃ10.6bn deal unattractive.