Trustees to the J Sainsbury pension scheme have yet to receive an approach about talks from Delta Two, the Qatari-backed consortium that has made a tentative £12bn offer for the parent company.
However, in the months since an consortium led by private equity investors CVC made its own approach to the company, it has become clear that no highly leveraged bidder can complete an acquisition, hostile or otherwise, without offering substantial security to the pension scheme.
