AFP/London
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Qatar is considering an £8bn ($12.1bn) bid for British retailer Marks & Spencer, Britain’s Sunday Times newspaper reported.
The state’s sovereign wealth fund, the Qatar Investment Authority, has approached leading banks and private equity houses ahead of a potential move on the high street chain, senior sources in London’s financial industry told the newspaper.
M&S, which sells clothes, food and homeware, was founded in 1884 and was once one of the world’s most profitable retailing companies.
But it has struggled from poor clothing sales in recent years.
Qatar has a growing commercial and property empire in Britain.
Its government bought luxury retailer Harrods in 2010 and it owns a 26% stake in Britain’s third-largest supermarket chain, Sainsbury’s.
Qatar also financed 95% of the construction of the Shard, western Europe’s tallest skyscraper and has a stake in Barclays bank.
M&S has more than 700 stores across Britain as well as over 400 stores in 44 countries across the world.