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New Look owner eyed Argos takeover

The billionaire owner of New Look, Christo Wiese, considered adding Argos to his stable of UK businesses before Sainsbury’s tabled its own £1.3bn deal, it has been reported.

New Look Menswear Wigan

New Look Menswear Wigan

The South African tycoon is understood to have measured up the company with former Asda chief executive Andy Bond, the co-founder of Wiese’s value clothing chain, Pep & Co, The Sunday Times reported yesterday.

An unnamed source cited by the paper claims Wiese finished talks with Argos owner Home Retail Group to concentrate on other deals.

Before acquiring New Look in a £1.9bn deal in May, 2015, the 74-year-old set up a shell company to begin exploring options to take over UK retailers.

Sainsbury’s edged towards completing a takeover of Home Retail Group last week – a deal that would enable it to sell its Tu Clothing range through Argos stores.

The supermarket has three weeks to carry out due diligence. The deadline for a firm offer for Home Retail Group is February 23.

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