France-based holding company Afigest is close to buying out mail-order company Afibel for EUR84 (US$108) a share, reported French News Digest.

Afigest, a unit of Germany-based KarstadtQuelle, has begun a squeeze-out procedure for Afibel's outstanding shares, the report said.

Afibe made a net profit of EUR7.0m in 2005.