Danon to pay 1.1 billion euros
French retail group PPR has sold its Printemps department store chain to its president Laurence Danon, according to reports out today.

Danon is set to pay Eu1.1 billion (£751.1 million) for the chain, which includes a flagship store in Paris adjacent to it's main rival Galeries Lafayette. There are also 16 outlets in large towns across France.

It is understood that she will purchase the business through a leveraged buy-out, funded by Deutsche Bank.

The decision is expected to be announced formally later today.

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