Qatar’s QIA plans to buy Marks & Spencer: Paper

18 Mar 2013

(MENAFN) Qatar Investment Authority (QIA) is looking to takeover UK retail chain Marks & Spencer for USD12 billion, Arabian Business reported, citing The Sun newspaper.

The London daily did not mention any source for the report, nor had QIA or Marks & Spencer responded to Arabian Business’s request for comment on the matter at the time of publication.

Qatar’s sovereign wealth fund bought London luxury store Harrods for USD2.2 billion in 2010, and also owns a number of valuable assets in the UK, including a 26 percent stake in supermarket Sainsbury’s.

QIA’s other assets include an 8.7 percent stake in US jeweller Tiffany & Co, as well as a 3 percent stake in oil company Total among other assets.

Founded in 1884, Marks & Spencer has about 1,000 locations worldwide, including in the UAE and Saudi Arabia, and employs about 80,000 people.

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