La Rinascente in sale talks

Italian department store chain La Rinascente could be put up for sale, after its three major stakeholders started discussions about selling their shares. Investment bank Deutsche Bank, which owns just under a third of the 13-store chain, Italian landlord Prelios, which owns a fifth, and Italian private equity firm Investitori Associati, which owns 46 per cent, are all in talks to sell their shares. The three companies acquired their respective stakes in La Rinascente, an upmarket store seen as the Italian equivalent of Selfridges, in 2005. One Italian newspaper suggested that Prada, LVMH and PPR could be in the running to snap up shares. It is not known if a formal sales process has started.