03 August 2007
Sainsbury's pension trustees have yet to meet the potential
takeover company, Qatari-backed investment fund Delta Two, to
discuss their pension fears. Despite a written request for talks,
Delta Two has not replied to the scheme trustees and are keeping
quiet with regards to pension security despite an urgent request
from Sainsbury's management to do otherwise.
The scheme trustees are of the opinion that there could be a
scheme shortfall of up to £3bn and John Adshead, who is
leading them, could stop any takeover bid by demanding large
upfront cash payments if he fears the Qatari fund will not look
after pensioners.
The Sainsbury's board want pensioners protected and how the
pension fund is treated is one of the key issues that they would
need resolved before considering a Delta Two takeover.
