Takeover queue forms at Selfridges

STORES group Selfridges could be at the centre of a bidding war within days. A consortium led by the Iranian tycoon Robert Tchenguiz is expected to table an offer of £620m, equal to around 400p a share, by the end of the week.

This will trump a £598m bid by Canadian billionaire Galen Weston - a deal Selfridges recommended to its investors last week. Weston offered 392 1/4p a share, including a 5 1/4p dividend. He gets a £6m break fee if he loses.