Sainsbury's in £10bn takeover bid

Supermarket group Sainsbury's emerged as a takeover target today after three private equity firms confirmed they were mulling a possible offer.

Shares in the retailer jumped by 17% in the wake of the announcement, giving the resurgent retailer a market value of almost £9 billion.

The share price move came as CVC, KKR and Blackstone said they were at the preliminary stages of assessing Sainsbury's.