Sainsbury’s confirms takeover talks with Lloyds over joint venture

Suzie Neuwirth

BRITISH supermarket chain J Sainsbury today confirmed that it is in advanced negotiations with Lloyds Banking Group to take full ownership of their joint venture Sainsbury’s Bank.

The announcement follows press speculation over the weekend that Sainsbury’s was on the verge of buying out Lloyds’ 50 per cent stake.

The food retailer is set to publish its full-year results tomorrow.

Lloyds announced its first-quarter results last month, posting pre-tax profits of over £2bn thanks to the sale of a stake in asset manager St James’s Place raising £394m.