Shares for King

Sainsbury's chief executive Justin King has been awarded shares potentially worth more than £500,000 as the board seeks to retain its top talent following a private equity approach for the firm this year.

Sainsbury's chief executive Justin King has been awarded shares potentially worth more than £500,000 as the board seeks to retain its top talent following a private equity approach for the firm this year.

The company has made the award under its 2006 long-term incentive plan to reflect business performance under the "exceptional circumstances" surrounding the conditional offer from the CVC-led team, which abandoned £10.1bn bid plans for the company in April.

Mr King will be handed the shares, worth up to 62.5% of his current £850,000 salary - or £531,0000 - in 2010, with the level of the award depending on the company's performance.

Barclays warned

A NEW YORK-based activist investor has called on Barclays to drop its takeover of Dutch rival ABN Amro.

Atticus Capital, which holds a 1% stake in the UK bank, said it viewed the proposed £45bn deal as an offer to buy "an inferior business in an auction at inflated prices", adding that it would seek to lobby other investors.

In its June 1 letter to Barclays chairman Marcus Agius, Atticus's chairman Timothy Barakett said further efforts to buy ABN would "harm management's credibility and anger shareholders".

Ikea goes hybrid

HOME furnishings group Ikea has unveiled plans to switch its fleet of company cars as part of a drive to cut the company's carbon emissions.

The Swedish retailer, which has 15 stores in the UK, said it is to purchase 50 Honda Civic Hybrid cars, with more to follow in 2008, in a move which will see Ikea become the first private company in the UK to use hybrid vehicles as its company cars.

It's just not cricket

CRICKET'S most popular website, Cricinfo, was sold by owner Wisden yesterday to US sports broadcasting group ESPN for an undisclosed fee.

Cricinfo, which has more than seven million users every month, gives ball-by-ball commentary on all Test and one-day international matches, and contains in-depth statistics on every cricketer who has played the game at first-class level.

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