ONE of Sainsbury’s top 10 shareholders has sold off a significant chunk of its holding for far less than the 600p-a-share price proposed by the Qatari investment fund stalking the chain.

Hedge fund Lansdowne Partners is understood to have cut its 2.1% stake in the group by a third yesterday, selling around 12m shares for some £65m.

The move added to growing concerns that Qatari fund Delta Two will be forced to walk away from a deal to buy Sainsbury’s as the credit market squeeze makes it more difficult to secure funding.

Delta Two would need to raise more than £7bn in debt to finance its proposed £10.6bn offer.

Last week it was reported that bankers who had agreed to stump up the cash were getting nervous about their ability to sell-on the debt given the recent crisis in global credit markets.