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A number of market experts took a dim view of the QIA's decision to baulk at Sainsbury's final demand and the UK's Guardian newspaper described its late pull-out as 'amateurish'.
Looking positive longer-term
But the QIA, despite its well-publicised near-misses and failures, has still made some very significant headway in recent weeks and this can easily get lost in a sea of negative headlines.
Although the sovereign investment fund missed out to Borse Dubai on Nasdaq's LSE holding, the QIA stayed positive and snared a hefty 20 per cent shareholding on the open market instead. It also managed to grab a very significant 10 per cent stake in the sought-after OMX, quite possibly to Dubai's frustration.
Indeed, recent rumours have suggested that Borse Dubai and the QIA might undertake a share swap with Qatar receiving Dubai's LSE holding in exchange for those OMX shares. Borse Dubai and Nasdaq were concerned enough by the QIA's emergence as a sizeable shareholder in OMX that they increased their offer for the Swedish firm by a cool $900m to $4.9bn to head off any possible takeover ideas materialising in Doha.
The QIA also, of course, still holds the largest shareholding in the UK's third largest supermarket chain - Sainsbury's. The dust will have to settle on the proceedings of the last few months but there is no doubt the QIA will ultimately decide the future direction of Sainsbury's ownership and who is to say that another takeover bid won't appear on the horizon at some point in the future.
One must remember just how deep Qatar's pockets are and energy prices seem to be soaring off the scale right now, adding to the riches of the Gulf states.
A recent study by the Standard Chartered Bank predicted that the QIA would double its assets to $120bn within the next three years and that will mean some pretty hefty acquisitions will be just around the corner. Qatar will be hoping its Sainsbury's misadventure was merely one step back before two steps forwards.
Key dates in the QIA's Sainsbury's saga
June 16 Delta Two, backed by Qatar, raises its stake in Sainsbury's
July 18 Delta Two makes a preliminary approach to buy Sainsbury's
July 21 Reports claim that Qatar will borrow $17bn to fund deal
August 18 UK's largest union Unite opposes the takeover
August 30 The QIA agrees to raise the equity portion of its bid
September 20 Sainsbury's opens its books to the QIA
October 8 Sainsbury's pension trustees allegedly close to accepting the QIA's offer
November 5 With a November 8 deadline looming the QIA ditches its bid for Sainsbury's
See also:
Supermarkets and stock markets attract the QIA
Qatar teams up with the UAE
The QIA is getting hungry for acquisitions
$4bn Dubai bid for OMX part of a wider financial vision
Jonathan Sheikh-Miller, Deputy Editor
