Sir Philip denies buying Sainsbury stake

Sir Philip Green, the billionaire retailer, has vehemently denied a report that he has bought a 3pc stake in J Sainsbury, Britain's third largest supermarket chain. "I categoricaly have not bought 3pc of Sainsbury. I told the Daily Mail that yesterday," Sir Philip told Telegraph.co.uk His comments followed a report in the Daily Mail that Sir Philip had spent £125m acquiring a stake of just under 3pc in the retailer. An attempt earlier this week by entrepreneur Robert Tchenguiz to sell his 10pc stake in the supermarket chain failed after the Treasury placed the UK arm of Icelandic bank Kaupthing into administration. ICAP is understood to have... [read full story]