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Green confident on Baugur bid
14.10.08
Topshop tycoon Sir Philip Green today shrugged off talk of rival bidders threatening his plan to take control of the Icelandic-owned Baugur retail chain.
He has been negotiating over a deal for the firm, which owns stakes in companies from House of Fraser to Whistles, since Friday. Reports suggest a number of venture capital firms and banks are trying to come up with alternative proposals but Green said he was hopeful a deal could be struck as early as today. He has yet to decide finally which Baugur chains he wants but has proposed buying the £1 billion to £2 billion debt at a discount. Iceland's government is keen for a quick sale as the country urgently needs hard foreign currency.
