12:12 19 March 2013
The state-owned Qatar Investment Authority was said to be interested in taking over iconic high street chain Marks and Spencer for £8billion. Speculations have helped boost the street chain’s share price on Thursday and Friday last week, it has emerged.
If speculations were true, this would be Qatar’s boldest move to take over a multi-billion UK shopping spree. The emirate recently bought the Olympic Village in East London and in 2010, they acquired Harrods from Mohamed Al-Fayed.
On top of that, Qatar also has large stakes in London Exchange and Barclays and Sainsbury’s.
Meanwhile, Marks & Spencer may be suffering when it comes to sales. The retailer reported a 1.8per cent fall in sales over the Christmas period. The chain is now valued at £8billion.
On Monday, a source denied that Qatar Holding, the investment arm of the Gulf state’s sovereign wealth fund, is interested in Marks and Spencer take over.
M&S has declined to comment as of time of press.
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