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08-Jan-2017 06:21 by 5 Comments

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Mr Weston moved to block rival bidders by buying up 10.1 per cent of Selfridges stock, meaning an interloper would not be able to take full control of the company.

An additional hurdle is a £5.9m break-fee, which is payable to Mr Weston's bid camp in the event of a counter offer being recommended.

Wittington Investments Canada owns the Brown Thomas department store group in Ireland and Holt Renfrew, a chain of upmarket department stores in Canada.

Wittington Investments Canada is run separately from the UK arm, which owns Fortnum & Mason, Heal's and a 54 per cent stake in Associated British Foods, the food maker whose brands include Kingsmill bread and Twinings tea.

Galen Weston, the Canadian billionaire, yesterday appeared to clinch victory from rival suitors after Selfridges backed his £598m offer.

But with Robert Tchenguiz, the Iranian investor, still lurking in the background, the upmarket department store could wind up with a different owner.Mr Weston plans to retain the existing Selfridges management team led by Peter Williams, who only took over as chief executive in March, and launched his own failed bid for the company.Asked to comment on the appeal of Selfridges, Tony Graham, the president of Wittington Investments Canada, said: "It is an industry we know well, it is a business we know well and a management team we know well.Their offer was rejected but they are mulling a revised bid worth £544m to £594m.Are you single in Mc Kinney and searching for a single person to wed?Sign up now and start flirting with singles in Mc Kinney.