Consortium of US investor Baker, Beetz to buy German retail giant Galeria, sources say
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A consortium led by US investor Richard Baker's investment firm NRDC Corp and German businessman Bernd Beetz is set to acquire German department store chain Galeria. The chain came up for sale following the collapse of Rene Benko's Signa conglomerate. Galeria slipped into insolvency in January after being hit by problems at Signa. Final negotiations with two bidders have been taking place in recent days, and both potential buyers intend to continue operating Galeria as a whole.
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