It is believed Magan has approached Roger Matthews, Sainsbury’s finance director, who is due to retire next year, about joining the management team that will front his bid, according to The Sunday Telegraph.
It is understood Magan is approaching private equity backers and banks to secure finance for the takeover bid, said reports.
This month Justin King, who was appointed chief executive on 29 March this year, was forced to admit that the troubled supermarket’s profits fell to around £130m in the six months ending 9 October from £366m during the same period last year.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements