Private equity giants are circling Sainsbury’s with a view to possibly launching bids of more than £7 billion, as the bidding war for Morrisons reignites interest in the supermarket industry. American buyout giant Apollo is said to be running the rule over Britain’s second-largest supermarket chain. It has been scouring the industry for targets after being outbid for Asda last year, and remains in talks to join the Fortress-led consortium bidding for Morrisons. Any involvement in that deal may preclude a move for Sainsbury’s. – Sunday Times
Legal & General, the UK’s biggest pensions manager, is plotting an expansion into China as the Communist regime attempts to lure Western money managers to help modernise its financial system. Chief executive Nigel Wilson said the FTSE 100 firm is exploring opportunities in China due to the country’s “compelling demographics”, adding that a pension management partnership is the most likely route for L&G to enter the Chinese market. – Sunday Telegraph
Asos is hunting for a new warehouse in continental Europe as it seeks to improve its home delivery in key markets after a boom in internet orders during the pandemic. The online fast-fashion player told investors this month that it was in the “early planning stages” of its fifth fulfilment centre, which will most likely be located on the Continent. – Sunday Telegraph
Opting for hydrogen that is made using fossil fuels rather than renewable electricity could create up to 8m tonnes of carbon emissions every year by 2050, according to an analysis of government data. The figures show that the use of fossil-fuel hydrogen, or “blue hydrogen”, would create the same carbon emissions each year that more than a million petrol cars would produce, compared with using zero-carbon “green hydrogen”. – Guardian
Heathrow has agreed breathing space with its lenders over £1.1billion of debt. The airport warned investors in June that it could default on its complex financing arrangements if revenues were £66million lower than expected this year. Earlier this month it agreed a waiver with bondholders for four tranches of debt due between 2024 and 2029. More than 90 per cent of the investors backed the move. – Financial Mail on Sunday
The boss of a fibre broadband firm has accused industry giants including BT, Sky and Vodafone of misleading millions of businesses about their internet speeds. G.Network said big broadband suppliers advertise ‘fibre’ connections which involve both fibre and copper wiring that has been in the ground for up to a century. – Financial Mail on Sunday
