By  on August 4, 2010

The year-long battle to take over insolvent German department store group Karstadt has taken another twist with the surprise return of Italian retail mogul Maurizio Borletti to the fray.

Although the Karstadt creditors committee in June accepted an offer from private investor Nicolas Berggruen and BCBG Max Azria Group, delays in signing the contract have prompted Borletti Group to come up with a counterbid worth 100 million euros, or $131.7 million at current exchange rates, in case the takeover fails.

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