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Borletti bids for German department store Karstadt

German department store group Karstadt has received a counterbid for the business after the company was rescued by private investor Nicolas Berggruen and luxury fashion house BCBG Max Azris in June.

Investment group Borletti, which controls department stores Printemps in France and La Rinascente in Italy, has reportedly presented a counterbid valued at around €100m (£83m) for Karstadt, which has 120 doors and about 25,000 employees, in case the takeover fails. According to reports, Borletti valued its competitor’s bid at €85.3m (£70.8m).

In June Nicolas Berggruen and BCBG Max Azris agreed to buy Karstadt which has been in trouble since parent company Arcandor filed for insolvency last June.

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