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Mon 29 Jun 2009 11:08 AM

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Barwa planning Panceltica takeover bid

Qatar’s second largest developer said to be considering Panceltica Holdings takeover.

Barwa Real Estate Co, Qatar’s second largest property developer, is considering a takeover of British holding company, Panceltica Holdings, it was reported on Monday.

According to Al Sharq the acquisition of the firm is one of three options being considered by Barwa. Other options include investing in Panceltica Holdings or acquiring management of the company without investing.

On June 18, Barwa said it had given a revolving credit facility to a company controlled by Barry Tannenbaum, who is being investigated for running a $1.8bn Ponzi scheme.  

The real estate firm told the Doha bourse that the loan facility was terminated after the company, Frankel Enterprises, was hurt by the financial crisis and that it had taken steps to recover the “amounts provided for these transactions.”

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