European department store giant the subject of takeover offer backed by BNP
French department store group Galeries Lafayette has received a EUR2 billion (£1.38 billion) tender offer, backed by French bank BNP Paribas. The move comes from a key shareholder, the Moulin family, which owns 31.7 per cent of the retailer.

Another major shareholder, the Meyers, have agreed to sell their stake to the consortium for EUR235 (£162) a share, valuing the retailer at Eu3.14 billion (£2.17 billion).

Should the minority shareholders agree to sell, the Moulin family will control 62.9 per cent of the retailer, while BNP Paribas will control 37.1 per cent. However, the bank will increase its stake in the retailer's credit arm, understood to be the most profitable part of the business.