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Bloomberg
British convenience-store operator Bestway Group Ltd. raised its stake in J Sainsbury Plc as speculation swirls about the future ownership of the UK’s second-largest grocer.
Bestway now holds 4.47% of Sainsbury, up from 3.45% last week, according to a filing. The family-owned business previously said that it intended to increase the holding, though it will own the shares for investment purposes and isn’t considering making an offer for Sainsbury.
Bestway is the largest independent wholesale operator in Britain. It also has interests across the pharmacy, real estate, cement and banking sectors and runs well-known convenience brands including Costcutter and Bargain Booze.
Sainsbury has also said last week that the company will engage with Bestway like any other shareholder.
The holding puts Bestway among Sainsbury’s largest shareholders, according to Bloomberg data. Qatar Investment Authority and Czech billionaire Daniel Kretinsky’s Vesa Equity Investment remain the top ones with stakes of about 14% and 10% respectively.