FSA concerned about jump in Sainsbury's share price
The Financial Services Authority (FSA) is this evening investigating trading in Sainsbury's shares ahead of rumours that the Qatar Investment Authority (QIA) may be on the verge of increasing its 26% stake in the operation and may in fact have approached management with regards to a potential bid. The silence from Sainsbury's itself has been deafening although the fact that the FSA has become involved and will be investigating share price movements prior to these rumours would indicate they may be somewhat wide of the mark.
The very fact that Sainsbury's did not make a statement regarding the rumours would, under strict city guidelines, suggest that no such approach had been made but whether the QIA may be on the verge of increasing its stake is another matter altogether. Those who follow the UK stock market will be well aware that the FSA has been very hot on share price movements and market abuse over the last few months and indeed a number of substantial fines have been dished out.
Whether the FSA will be able to find the origins of the takeover rumours is very much open to debate but at least it has highlighted a potential market abuse situation and is looking into it.
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