CVC Capital Partners, which has launched a €1.4 billion takeover bid for Spanish fashion retailer Cortefiel, intends to sell some of the chain's key assets if its bid triumphs later this summer.

In a takeover brochure filed with Spanish Stock Market watchdog Comision Nacional de Valores (CNMV), the London-based investment firm said it could divest factories, stores and warehouses in Spain and across Europe to boost the business's asset efficiency through renting or lease-back strategies.

CVC also plans to develop new "concepts and brands" for the expansionist retailer, which owns the Springfield and Women's Secret banners that have taken some European markets by storm.

If it buys Cortefiel, CVC will also lead acquisitions that enable Cortefiel to access new markets or business segments. It will finance expansion with its own cash but may launch share offers or procure loans to bankroll it.

Cortefiel owns one factory in Madrid, one in Hungary and three in Morocco. It also has two warehouses in the Madrid area and 860 self-owned stores worldwide, a count it hopes to bolster to 1,100 by 2007.

In related news, the CNMV said Friday it will extend the bid's approval deadline until 25 July to give investors more time to mull the offer or provide other bidders a chance to present a counter-offer, a move some analysts reckon could still happen.

According to reports, French investment company PAI Partners has hired Citigroup to study a Cortefiel offer.

CVC's May 12 bid offers €17.9 per Cortefiel share. The deal is contingent on 75 per cent investors back-up.

So far 62 per cent have, including Cortefiel's founding families.

By Ivan Castano