Canadian billionaire Galen Weston has seen off the challengefrom Tom Hunter's West Coast Capital to buy the Selfridgesdepartment store chain. The knock-out blow came when Hunterdeclined to match Weston's £600 million ($960 million) offer forthe business, which has a flagship store on London's Oxford Streetand two branches in Manchester.
Weston's vehicle, Wittington Capital, already owns the Fortnum& Mason store in London; Brown Thomas in Dublin and the12-strong Holt Renfrew chain in Canada. Another branch of theWeston family controls the Primark value fashion chain in the UKthrough its holdings in ABF.
But the door seems to be open to a counterbid, and analystsbelieve property investor Robert Tchenquiz, with backing fromFormula 1 owner Bernie Ecclestone, has not ruled out an attempt totrump Weston's offer.
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