Blackstone Bids €3B for Kaufhof

BERLIN-The huge US private equity group Blackstone is among bidders for the German Kaufhof department store chain being offered by the Metro retail group, according to media reports. The portfolio comprises 141 stores and is said to have an offer by JP Morgan for between €2B and €3B.

None of the firms’ spokesmen confirmed the report after the Handelsblatt newspaper quoted sources in the Kaufhof executive advisory committee–which also includes union representatives. However, a Metro spokesman said the sales process is at an early stage and due diligence has not yet started.