A further chunk of J Sainsbury PLC (LSE:SBRY) shares have been snapped up by wholesale retailer Bestway, which emerged as a major new shareholder last week.
Bestway, which owns chains including Costcutter, Well Pharmacy and Bargain Booze, upped its stake in the big-four supermarket from 3.45% to 4.47% between Friday and Wednesday, making it the fifth largest stakeholder in Sainsbury’s.
It has played down speculation of a potential takeover, saying it was buying Sainsbury’s stock for “investment purposes” - now having bought around 100mln shares in the FTSE 100-listed supermarket.
Analysts suggest Bestway is pushing for a “seat at the table” on Sainsbury’s board, hinting towards a future partnership between the two.