Iranian Tycoon Considers Woolworths Bid

TEHRAN (FNA)- Woolworths’ biggest shareholder, Iranian property tycoon Ardeshir Naghshineh, may plan his own bid for the confectionery-to-DVDs retailer.

It said Naghshineh, who has a 10.2 percent stake it the struggling retail group, had told the Sunday Times he was “interested in the business”.

Earlier this month Woolworths’ management rejected a 50 million pounds ($91.6 million) takeover approach from Malcolm Walker, the founder of frozen-food chain Iceland, and Icelandic retail investor Baugur.

The consortium offered to take Woolworths’ 815 stores but leave the parent company with a near-100 million pounds pension deficit and most of its 120 million pounds debt.