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Sainsbury retreats from three-year high as FTSE 100 slips

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%.

-Steve Goldstein

 

(END) Dow Jones Newswires

08-24-21 0824ET

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