Sainsbury halves dividend 'to protect credit rating'

Merrill Lynch analysts suspended over alleged selective briefing

J Sainsbury, the struggling UK supermarket group, has halved the dividend to protect its fragile credit rating.

The move was part of a comprehensive business review unveiled by chief executive Justin King on Tuesday during which the supermarket group said restructuring write-offs of £550m (€792m) will push the company into the red for the first time in its history and the full-year dividend will be halved to 7.8p per share.

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