Sainsbury's Shares Dip After Qatar Cuts Stake Again
Shares in British supermarket group Sainsbury's were down 4% on Wednesday after Qatar's sovereign wealth fund moved to offload a further chunk of its stake, ending its near two-decade reign as the largest shareholder.
The Qatar Investment Authority said late on Tuesday it planned to sell up to 83.6 million shares in the grocer through a placing to institutional investors, reducing its stake to 6.82% from 10.48%, according to LSEG data.
With the placing priced at 317.6 pence a share, QIA would raise 265.5 million pounds ($352 million)...
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