By Steve Goldstein
U.K. supermarket chain J Sainsbury on Tuesday retreated from a three-year high, as no bid has yet to materialize.
Sainsbury shares lost nearly 4%, following the 15% surge on Monday, which came after a report from the Sunday Times said the private-equity group Apollo was debating whether to make a takeover offer.
Wm. Morrison Supermarkets , the target of a private-equity battle, slipped 0.3%.
The broader FTSE 100 retreated 0.3% to 7,085.57, as banks and drugmakers also declined.
Travel plays including British Airways owner International Airlines Group and hotels operator Whitbread each rose 3%.
(END) Dow Jones Newswires
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