Thursday 13 March 2014

Paris court halts Printemps sale to Qatar - Banking & Finance - ArabianBusiness.com

Paris court halts Printemps sale to Qatar - Banking & Finance - ArabianBusiness.com:



"A Paris court has ordered a halt to the €1.75bn ($2.33bn) sale of French department store chain Printemps to a group of Qatari investors while it undergoes further consultation with unions, it was reported.



Printemps unions last year complained they were not sufficiently consulted and informed about the transaction or its terms, as the law requires, and had called for the deal to be halted.



In August a court found no irregularities in the sale to Qatari investors of Borletti Group's 30 percent stake and the 70 percent owned by Deutsche Bank's RREEF real estate investment unit.



However, this week the Paris Court of Appeal found the procedures around consultation had not been met, Le Telegramme daily newspaper reported."



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