City & Business: Swinging low
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE consensus view seems to be that J Sainsbury won't make a counter-offer for Wm Low, the Scottish supermarket group put into play last week by Tesco with an agreed pounds 154m bid. Sainsbury, the conventional wisdom goes, has never been in a contested bid battle and needs to move cautiously in Scotland, where it is a relative newcomer. Wm Low shares ended the week only 28p above Tesco's 225p offer price, suggesting that few expect a counter-offer.
I'm not so sure. The old economics of grocery retailing is dead, killed by tighter planning rules and fears of saturation. Nowadays it makes sense to take over someone else's shops rather than build your own. Moreover, Tesco's bid hardly looks generous. David Sainsbury, who took the helm from his cousin John last year, may be just the man to break with family tradition.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments