A Manx based investment firm which handles cash for senior figures in the Qatari government has been told it needs another £500 million to buy out one of the United Kingdom’s largest supermarket chains.
Delta Two, based in Athol Street in Douglas, offered £10.2 billion for Sainsbury’s but has been told it will take another £500 million to clinch the deal.
Sainsbury’s says its pensions deficit means Delta Two needs to raise the extra cash by November 8.
Analysts speculate the takeover could spark price wars with Tesco and Asda, and Sainsbury’s will need enough cash to see it through any such difficulties.
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