Verso Paper Corp. (NYSE:VRS)
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2 Years : From Dec 2011 to Dec 2013
By Manuela Mesco
A Qatari investment fund is looking to buy a stake in the Italian luxury fashion house Gianni Versace SpA, an Italian daily reported Sunday.
Mayhoola for Investments S.P.C., an investment vehicle backed by a major private investor group from Qatar, has recently met with representatives from the Italian government and Italian corporate world to discuss the deal, Italy's daily Il Messaggero said.
The plan would be to become a financial partner in the fashion firm. According to Il Messaggero, Versace is now looking to go public in about three years time.
This wouldn't be the first time that Mayhoola has expressed interest in the Italian fashion world. In July, Mayhoola bought luxury fashion brand Valentino. In that case, the purchase appeared to be a personal project for the Qatar royal family, rather than part of a wider investment strategy by the nation's sovereign-wealth fund.
Qatar has used its wealth from oil and natural-gas exports to buy assets all over the world, including London luxury store Harrods and luxury hotels in France. Earlier this year, it emerged that the Qatar Investment Authority had amassed just over a 1% stake in French luxury-goods behemoth LVMH Moet Hennessy Luis Vuitton (MC.FR, LVMUY).
Mayhoola could not be reached for comments on Sunday, while Versace declined to comment.
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