May 26, 2017 / 11:18 AM / 2 years ago

UK's Sainsbury's exploring bid for Palmer & Harvey: Sky News

Bags sit in a shopping trolley at a Sainsbury's store in London, Britain October 11, 2016. REUTERS/Neil Hall

LONDON (Reuters) - Sainsbury’s (SBRY.L), Britain’s second largest supermarket group, is in the early stages of examining a takeover bid for tobacco distributor Palmer & Harvey, Sky News reported.

It cited unspecified sources as saying that while Sainsbury’s was exploring a bid there was no certainty it would proceed with an offer.

A spokeswoman for Sainsbury’s declined to comment, while nobody was immediately available for comment at Palmer & Harvey.

Palmer & Harvey is a major distributor of tobacco products to Tesco (TSCO.L), Britain’s biggest retailer which in January agreed a 3.7 billion pound ($4.8 billion) takeover of wholesaler Booker BOK.L.

Last year Sainsbury’s acquired Argos-owner Home Retail for 1.1 billion pounds.

Reporting by James Davey, Editing by Paul Sandle

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