Green edges closer to Baugur takeover

Retail billionaire Sir Philip Green edged closer to a deal to buy the debts of Icelandic investor Baugur, a once- powerful predator that acquired a string of famous brands.

Sir Philip reportedly plans to purchase over £1bn of the group's debt, giving him control of high street fashion chains Oasis and Karen Millen as well as House of Fraser and Hamleys, and majority stakes in Debenhams and Moss Bros.

Baugur UK Chairman Jon Asgeir Johannesson told Icelandic television selling the group's debts, even at "firesale prices", would be better than letting its British companies fail.

"Nothing's happened yet," Green told Reuters yesterday.