Justin King, chief executive of Sainsbury’s, made clear yesterday that he wants to stay with the supermarket chain if a bid by Qatari-backed fund Delta Two is successful, even though the takeover would net him millions. The Times. The Guardian. Financial Times
King is set to receive about £12m for his shares and share options if Delta’s 600p-a-share bid goes ahead. If he is laid off within six months of a takeover, he would net a payout equivalent to 1.75 times his basic salary, or £1.4m.
King said: ‘I thoroughly enjoy this job and see myself in it in the long term, regardless of ownership.’
Sainsbury’s third-quarter underlying sales, which exclude petrol price changes and store openings and closures, had risen 3.1% in the 16 weeks to 6 October, in line with analysts’ expectations.