Official documents seen by Reuters indicate that a Qatari consortium is set to do a full purchase of the French retailer Printemps. This is a departure from the initial consortium is led by Italian businessman Maurizio Borletti together with Qatari investors.
The Qatari investors are utilizing through Divine Investments of Luxembourg. In offering a full purchase, they would be buying out Borletti's 30% stake together with the 70% shareholdings of Deutsche Bank's real estate arm RREEF.
Borletti initially said that the talks to acquire Printemps was done together with Qatari investors. Because of the new offer, there has been no indication that Borletti would divest itself of its interests in the retailer. Formally, Borletti Group declined to make any comment on the matter.
Currently, Printemps has sixteen stores and has an employment headcount of 4,000. Its 2011 to 2012 turnover was at Eur1.45 billion.
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