LONDON (Reuters) – Retail group Bestway, the owner of Costcutter, has raised its stake in British supermarket group Sainsbury’s to 4.47%, according to a regulatory filing published on Wednesday.
Last week, Bestway declared a 3.45% stake, describing the move as an investment and not a step towards making a takeover offer for Sainsbury’s.
However, Bestway did say it may look to make further market purchases of Sainsbury’s shares, subject to availability and price.
Shares in Sainsbury’s were up 0.8% in early trading.
(Reporting by James Davey; editing by Sarah Young)
