Sir Ken Morrison just snapped up a £6m stake in arch nemesis Sainsbury's

His son, William, has also bought 2.1 million shares in the supermarket

Former Morrisons chairman Sir Ken Morrison has snapped up 2.6 million shares in arch nemesis Sainsbury’s, worth £6m​.

His son, William, has also bought 2.1 million shares in the supermarket. The duo now have combined shares worth £11.9m in Sainsbury’s.

According to filings, Sir Ken bought his stake in April 2014 when Sainsbury’s was trading at about 300p.

In the past year, Sainsbury’s shares have outperformed Morrisons rising 8.6%.

Sir Ken told The Times: “It [Sainsbury’s] is a well-run company.” However, he didn’t comment on why he had bought a stake in the company.

 

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