PARIS Feb 21 French luxury retail group
Galeries Lafayette plans to make a counter offer for rival
department store group Le Printemps, its CEO told French daily
Galeries Lafayette chief executive Philippe Houze told Le
Figaro he hopes Qatari investors will link up with Galleries
Lafayette and drop their support for Italian businessman
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 RREEF
and the Borletti Group were in talks to sell Le Printemps to
Qatari investors for up to 2 billion euros.($2.67 billion)
"Borletti's project is simply to get Qatar to finance the
acquisition since he does not have the funds himself," Houze was
quoted as saying by Le Figaro.
The paper said Houze will propose a deal under which Qatar
buys Printemps's real estate assets for one billion euros while
Galeries Lafayette buys its operations for 800 million euros.
(Reporting by Geert De Clercq; Editing by Gary Hill)