Sainsbury’s biggest investor QIA cuts holding

The biggest shareholder in Sainsbury’s, the Qatar Investment Authority (QIA), is selling 306 million pounds ($399 million) worth of shares in the British supermarket group, reducing its holding by about 5 per cent.

Shares in Sainsbury’s, which has an over 15 per cent share of Britain’s grocery market, trailing only Tesco, were down nearly 5% on Friday.

Regulatory filings show QIA offered 109.4 million shares at a price of 280 pence, with Goldman Sachs the sole bookrunner.

Prior to the offer...