UK: Morrison’s ex-boss buys stake in rival Sainsbury’s
Sir Ken Morrison, former chairman of WM Morrison Supermarkets, has acquired 2.6m shares worth £6m in competitor Sainsbury’s, reported The Yorkshire Post.
His son William also bought 2.1m shares giving the pair a combined £11.9m stake in the rival supermarket chain, according to cityam.com
Sainsbury’s has been performing well compared to other three big United Kingdom supermarkets such as Morrison, Tesco, and Asda.
“It is a well-run company,” said Sir Ken.
It has increased its sales to 1.2 percent and expected to do well in the holiday season while the competitors have experienced declines.
Sainsbury’s also has outperformed Morrison with its share price up at 3.5 percent year-to-date while the latter is down to 19.3 percent over the same period.
