Chinese company Sanpower Group is in talks to buy the 165-year old British retailer House of Fraser for £450 million.
Sanpower, which owns department store chain Nanjing Xinjiekou, plans to derail the plan of House of Fraser to list itself on the London Stock Exchange after talks with other potential buyers including French department store chain Galeries Lafayette and Sports Direct founder Mike Ashley did not come into fruition.
The Chinese company, with assets standing at more than 50 billion yuan ($8 billion) in 2012, was founded by entrepreneur Yafei Yuan.The company aims to become a Fortune Global 500 company by 2015.
House of Fraser is a private company since 2006 and runs 61 stores in the UK and Ireland. It declined to comment on the report.
