By joining forces, Texas Pacific Group and Warburg Pincus could encourage other bidders to form consortiums or deter formal bids altogether. This may scupper banker Merrill Lynch's hopes of raising£2 billion for the chain in the upcoming auction.
Yesterday, New Look reported that sales at the fashion chain were expected to peak at more than 1 billion in the year to March 2007, showing an 18 per cent increase.
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