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Sainsbury buy out is off

A Manx registered investment vehicle for senior members of the Qatari government has dropped its bid to buy one of the United Kingdom's largest supermarket chains.

Delta Two, based in Athol Street, Douglas, says it simply can’t afford to buy out Sainsbury’s, with a price tag of £10.6 billion pounds.

In response, Sainsbury’s shares plunged almost 20 per cent to 441p yesterday.

And if that wasn't enough, Delta Two and Sainsbury's investment banks are thought to have spent up to £126m on fees.

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