Ignore Previous Message: Qatar Not Interested in Marks & Spencer

A source close to the Qatar Investment Authority, the sovereign wealth fund of the Persian Gulf state, said QIA is not interested in acquiring Marks & Spencer (London) the British department store.

Earlier, the Sunday Times of London had floated a story on its front page that the QIA has been sounding out private equity companies and banks with the idea of forming a consortium to bid for M&S. The bid was reported to be worth more than $12 billion.

Independently, analysts at Cantor Fitzgerald Europe called a bid “unlikely, although while equity markets are close to record highs, takeover speculation is likely to remain over the medium term.” Analysts pointed to M&S’s considerable pension deficit and also said the retailer’s property assets would be hard to dispose of, “as most leading property companies are looking to dispose of high street and out-of-town sites due to a difficult retail environment, and to concentrate on shopping malls and prestige city center sites.”

Neither QIA or M&S has commented on the speculation.