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 £500m being demanded by the company's pension fund eventually made the £10.6bn deal unattractive.