Drapers share monitor: Sainsbury's bid hangs on pension deal

Family shareholders at Sainsbury's have told the supermarket's suitor Delta Two they will only back its £10.6 billion takeover bid if an agreement can be made with the pension fund trustees over the amount needed to fund the pension. A formal offer was expected as Drapers went to press. Shares were up 2p to 579.5p.

Mosaic chief executive Derek Lovelock will retire as non-executive chairman of Jacques Vert on November 1. He will be replaced by Steve Bodger, who is a non-executive director at the business.

Meanwhile, Sports Direct International has raised its stake in Umbro to 20.53 million shares, equivalent to a 14.05% stake, up from 13.14%. Umbro shares rose 15p to 124.75p.