Qatar Fund Ditches $22B Bid for U.K.’s Sainsbury

London, AQatari fund has ditched plans for a 10.6 billion-pound ($22 billion) bid for British retailer J Sainsbury, blaming worsening credit markets and the cost of winning support from the firm’s pension trustees.

The deal is the biggest transaction so far involving a British company to fall victim to the problems in global credit markets, which was sparked by poor quality U.S. mortgage loans.

The Qatari fund, Delta Two, still owns 25% of Sainsbury.