Qatar set to make 8bln pounds bid to buy Mar s and Spencer

March 17, 2013 | Business | Written by

London, Mar 17: Mar s and Spencer is set for an eight billion pounds takeover bid from Qatar.

The state-owned Qatar Investment Authority is said to be poised to make a move on the clothing chain.

M and S would be the latest firm targeted by the Gulf state which bought Harrods in 2010 and owns a 26 per cent stake in Sainsbury’s, the Sun reports.

The iconic store, having a staff of nearly 78,000, saw sales slump by 1.8 percent at Christmas. Its share value last week stood at just over six billion pounds.

M and S refused to comment over the takeover. (ANI)