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SBRY - J Sainsbury News Story

293.6p -1.8  -0.6%

Last Trade - 26/11/21

Sector
Consumer Defensives
Size
Large Cap
Market Cap £6.89bn
Enterprise Value £12.45bn
Revenue £29.84bn
Position in Universe 153rd / 1787

UPDATE 1-Sainsbury's ends talks on selling banking operation

Fri 22nd October, 2021 7:48am
(Adds detail)
    LONDON, Oct 22 (Reuters) - British supermarket Sainsbury's
 SBRY.L  said on Friday it had ended talks about selling its
banking operation after concluding that approaches it received
in November 2020 did not offer good value for shareholders.
    "Whilst the Board of Sainsbury's believe that it was in the
best interests of shareholders to explore these expressions of
interest, it has concluded that these do not offer better value
for shareholders than will be realised through retaining
Sainsbury's Bank," it said. 
    Sainsbury's, Britain's second-biggest grocer, started
exploring the sale of the bank a year ago as ultra-low interest
rates and COVID-19 disruption increased pressures on the
business.
    British banks including Barclays  BARC.L , Lloyds Banking
Group  LLOY.L  and Natwest  NWG.L  were among possible suitors,
a source familiar with the matter said in November last year.
    Sainsbury's said it was making progress in simplifying the
business, which it launched in 1997.
    It added it was comfortable with consensus profit forecasts
for the division, which stand at 26 million pounds ($35.9
million) for the current financial year.
 ($1 = 0.7250 pounds)

 (Reporting by Paul Sandle; Editing by James Davey and Himani
Sarkar)
 ((paul.sandle@thomsonreuters.com; +44 20 7542 6843; Reuters
Messaging: paul.sandle.thomsonreuters.com@reuters.net))
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