HONG KONG, April 8 The Shanghai-listed retail
arm of Sanpower Group said on Tuesday it was in talks to buy an
89 percent stake in Britain's Highland Group Holdings, which
owns department store House of Fraser.
Nanjing Xinjiekou Department Store said it
planned to set up a subsidiary in Britain to acquire Highland
It planned to fund the deal through internal sources and
bank loans, although no value was provided. The company made the
announcement in a statement to the Shanghai stock exchange.
The news comes after Reuters reported on Friday that
Sanpower Group had agreed to buy an 89 percent stake in
Britain's House of Fraser in a deal that valued the department
store at over 450 million pounds ($746 million), including debt,
citing a source close to the deal.
(Reporting By Donny Kwok; Editing by Anne Marie Roantree and