Galeries Lafayette has made a counter-offer to acquire its French department store rival Printemps, after an earlier EUR1.8bn (US$2.35bn) bid was turned down.

Last week, just-style reported that Italian investment group Borletti was in exclusive negotiations with Deutsche Bank's real estate arm, Rreef, to acquire its 70% stake in Printemps.

Borletti controls the remaining 30% of the chain's capital and has first refusal on Rreef's stake. It is partnered in its bid by unidentified Qatari investors.

Galeries Lafayette is proposing to team up with these same investors, whose involvement would focus on the property aspect of the acquisition. The
retailer would manage the Printemps stores, combining them with its own but maintaining two separate brands.

When contacted by just-style, a spokesperson for Galeries Lafayette confirmed the plans.

"Our intention is to develop a retail project based around Paris as a world-ranking tourist attraction and the French way of life."