Sir Ken Morrison, Life President and former chairman of UK retailer Morrisons has bought £6.6 million worth of shares in rival supermarket Sainsbury's.
Along with his son William who owns 2.1 million shares, the outspoken former boss has bought 2.6 million shares, giving them a combined value of £11.9 million.
According to The Times, Sir Ken bought the shares in Sainsbury's in April last year, amid a a bust-up with Morrisons' former chief executive Dalton Phillips. Speaking at the company's AGM, Sir Ken heavily criticised Phillips' plan to reverse the retailer's decline, as his frustration with the company's direction boiled over.
The fortunes of the companies have been in stark contrast over the last couple of years. Sainbury's share price has risen 3.5 per cent this year, while Morrisons has been relegated from the FTSE 100 as its share price decreased by 19.3 per cent in the same period.
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