Qatar set to make $12 billion bid to buy Marks & Spencer

Qatar set to make $12 billion bid to buy Marks & Spencer London: Marks & Spencer is set for an eight billion pounds (USD 12.10 billion) takeover bid from Qatar.

The state-owned Qatar Investment Authority is said to be poised to make a move on the clothing chain.

M&S would be the latest firm targeted by the Gulf state which bought Harrods in 2010 and owns a 26 percent stake in Sainsbury’s, the Sun reports.

The iconic store, having a staff of nearly 78,000, saw sales slump by 1.8 percent at Christmas. Its share value last week stood at just over six billion pounds.

M&S refused to comment over the takeover.

ANI