Qatari investors are set to buy 100 percent of French department store Printemps, official documents seen by Reuters show.
The tourist shopping hot spot has been the target of a joint bid by Italian businessman Maurizio Borletti allied with Qatari investors, but is also coveted by French retail arch-rival Galeries Lafayette.
Through Luxembourg-based company Divine Investments, Qatari investors are offering to buy Borletti Group's 30 percent stake in Printemps as well as the 70 percent holding owned by Deutsche Bank's real estate investment unit RREEF, according to official documents seen by Reuters.
When Borletti said last month it was in exclusive talks to acquire Printemps together with Qatari investors, it said it did not wish to sell its stake in the department store.
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