By  on March 31, 2014

Sanpower Group, the Chinese conglomerate with a portfolio that spans IT, finance, media, real estate and retail, is in advanced talks with House of Fraser, although the British department store retailer continues to lay the groundwork for an initial public offering.

Sanpower is said to have tabled a bid that values HoF at 450 million pounds, or $750 million at current exchange. The retailer has 61 stores in the U.K. and Ireland and annual sales of 1.2 billion pounds, or $2 billion.

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