LONDON — British tycoon Philip Green is set to become the U.K.’s largest clothing retailer.

Green, who already owns the department store chain British Home Stores Ltd. and the Mark One discount clothing shops, has made a proposed $1.2 billion bid for the shares of Arcadia Group PLC he does not already own. Arcadia is the U.K.’s second-biggest clothing retailer after Marks & Spencer PLC. Green’s bid has been approved by Arcadia’s board.

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