15.10.2012 - Arnotts snubs EUR100mln Kuwaiti wealth fund
Arnotts' bankers knocked back a bid from Kuwait's prestigious national sovereign wealth fund, according to A/Wear owner Michael Flacks. The Kuwait Investment Authority (KIA) offer was one of two which Flacks said he brought to the table in a bid for the iconic department store. The other was on behalf of an American investment bank, which Flacks wouldn't name. Both the KIA and the US investment house gave commitment letters offering between 75m and 100m "to buy the buildings and the business," Flacks said. "We've shown the money, both times we were refused," he said. "They think they can do better, even though they're not making enough money," he added...............................................Full Article: Source
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