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Italian, Qatari investors mount bid to take over French retailer Printemps

RBR Staff Writer Published 21 February 2013

Italian businessman Maurizio Borletti has teamed up with investors from Qatar to bid for a controlling stake in the upmarket French department store chain Printemps.

Talks are currently underway for the Borletti-led investor group to take over the 70% stake held by Deustche Bank's real estate arm RREEF, reported Reuters.

The news agency quoted sources in the know of the developments as saying that the Borletti Group and RREEF had nearly reached a deal, pegging the retail chain's value at approximately $2.7bn.

A spokeswoman for Borletti remarked that the Italian businessman planned to take over the retail chain on behalf of the Qatari investors but did not specify the ownership split, if any.

"Things have not been completely defined yet," the spokeswoman said.

The identity of the investors from Qatar has also remained under the wraps.

Printemps owns and operates a chain of 16 stores and employing 4,000 associates with turnover totaling $1.92bn for the 2011-12 financial year.