PRESS: Harvey Nichols agrees to Frasers demand to enter group auction

Harvey Nichols has agreed to Frasers Group PLC's demand to enter a group auction, Sky News reported Tuesday.

Harvey Nichols, a London-based luxury department store chain, wrote to brand-owners which supply Harvey Nichols that it had been "obliged" to allow Frasers to participate in the process alongside other interested parties.

That is despite objections from some brand-owners to a potential sale to Frasers, a Shirebrook, England-based retail, sport, real estate, intellectual property and investment group.

On July 4, Sky had reported that Next PLC plotted a takeover bid for Harvey Nichols. Back then, Frasers was not thought to be part of the corporate sale process.

Fraser shares fell 1.1% to 749.50 pence each on Tuesday afternoon in London, while Next shares were down 1.4% at 14,550.00p.

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