J Sainsbury confirmed this morning that it had received a bid approach from Delta Two, the Qatari investment fund that holds 25 per cent in the supermarket group.

Delta Two said that it would pay cash to acquire the remaining share of Sainsbury's.

Paul Taylor, principal of Three Delta, which acts as adviser to Delta Two, said this morning: "Three Delta has a high regard for the board, management and employees of Sainsbury and is supportive of the company's operational strategy."

The statement suggests that the Qatari fund backs Sainsbury's refusal to alter the structure of the company after facing pressure to extract value from its vast property portfolio, worth £8.6 billion.

Robert Tchenguiz, the property entrepreneur and owner of 5 per cent of the retailer's shares, or 11 per cent including derivatives, has been pushing for Sainsbury's to hive off its real estate into a separate vehicle, then raise money on the assets to return to shareholders.

It is understood that Mr Tchenguiz is contemplating his next move, including whether to sell his stake to Delta Two.

Mr Tchenguiz is believed to have held talks with Mr Taylor.

The two men used to work together at the Tchenguiz family’s Rotch Property Group but have since parted company.

A spokeswoman at Sainsbury's refused to comment on what price Delta Two had offered for the retailer, although it is understood that it is willing to pay 610p a share, which would value the grocer at about £12 billion.

Shares in Sainsbury's rose 1.2 per cent, or 7p, to 592.5p, below the Qatari fund's mooted approach but above the 580p approach made by a CVC-led consortium this year.

It is understood that Mr Taylor has met with the Sainsbury family, now the second-largest shareholder in the retailer with 18 per cent after being superseded by Delta Two's 25 per cent stake, and the company's chairman, Philip Hampton.

Any bid is still likely to need the backing of the founding family, who only three months ago turned away CVC's approach and indicated that it would not contemplate discussing a bid for less than 600p a share.

It is now believed that the family is opposed to a private equity takeover whatever the price, and is against the Delta Two approach.

One City source said: “They won’t look at an offer, period.”

The company said this morning: "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."

Sainsbury's has retained UBS and Morgan Stanley as financial advisers, who also acted for the retailer in seeing off an indicative 580p approach from a consortium led by CVC, the private equity group.

J Sainsbury company page

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