French luxury retail group Galeries Lafayette plans to make a counter offer for rival department store group Le Printemps, its CEO told French daily Le Figaro.
Galeries Lafayette CEO Philippe Houze told Le Figaro he hopes Qatari investors will link up with Galleries Lafayette and drop their support for Italian businessman Maurizio Borletti.
Printemps is 70 percent owned by Deutsche Bank real estate investment unit RREEF and 30 percent by the Borletti Group, headed by Borletti.
A source close to the talks told Reuters on Wednesday that RREEF and the Borletti Group were in talks to sell Le Printemps to Qatari investors for up to €2bn (US$2.67bn).
Read more: http://www.arabianbusiness.com/france-s-galeries-lafayette-counter-qatar-bid-for-printemps-491101.html
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